Section 172(1) Statement for International Tyres and Trading Ltd

The Directors of International Tyres and Trading are mindful of their duty under Section 172(1) of the Companies Act 2006 to act in a way they consider, in good faith, would most likely promote the success of the company for the benefit of its members as a whole. In doing so, we have taken into consideration the interests of various stakeholders, including employees, customers, suppliers, and the wider community, as well as the long-term implications of our decisions.

During the financial year ended 29th February 2024, the Board focused on the following key areas:

  1. Long-term Decision Making: Strategic investments were made to grow market share, improve margins and enhance long-term profitability. These decisions are aligned with the company’s goal of sustainable growth and market leadership.
  2. Employee Engagement: Recognising the importance of our workforce, we continued to invest in employee development and maintained open communication channels to ensure their views are considered in business decisions. The well-being and safety of our employees remain a top priority.
  3. Customer and Supplier Relationships: We prioritised building strong and enduring relationships with our customers and suppliers. Our strategy of enhancing customer loyalty and optimising our supply chain management has been central to maintaining business stability in a competitive market.
  4. Community and Environmental Impact: The company remains committed to responsible business practices. We have continued efforts to minimise our environmental footprint while contributing positively to the communities in which we operate.
  5. Fair Business Conduct: The Board has ensured that the company operates with integrity, upholds high standards of governance, and complies with relevant regulations.

By considering the long-term consequences of our decisions and the interests of our key stakeholders, the Board is confident that it is fulfilling its duties under Section 172 and promoting the company’s success.