s172 statement

Stakeholder engagement

Under section 172 of the Companies Act 2006, the Board at Haas Formula UK Ltd has the legal responsibility to consider how to promote the company’s success. In particular, to consider the long-term effect decisions have upon the company and its stakeholders. This statement addresses the ways in which the Board fulfils this responsibility.

Promoting the company’s success

In 2014, Gene Haas established Haas Formula UK Ltd as a subsidiary of Haas Formula LLC, and the company continues to operate under this structure. The company is proud of the ways in which it has provided employment, training and financial reward for its owner and employees. The company aims to compete in the Formula One World Championship whilst representing the Haas Automation Inc. brand. The championship is highly competitive, and the company aims to optimise its performance whilst operating within the FIA Financial Regulations.

Governance and Ethical Conduct

We understand the importance or operating with honesty and integrity in our business. As a result, we provide a supportive environment for our colleagues to voice any concerns. Specific highlights of the policy include:

• Compliance with relevant laws
• Following policies and procedures
• Zero tolerance for bribery and corruption
• Workplace etiquette
• Accepting gifts and hospitality by exception only

Additionally, we are committed to identifying and preventing unethical activities within our organisation, including the prevention of modern slavery and/or human trafficking. We have a zero-tolerance approach to modern slavery and are committed to acting ethically and with integrity in all our business relationships. We are committed to implementing and enforcing effective systems and controls to ensure modern slavery is not taking place within our own business and any part of our supply chain. Advice and training is provided to all staff to ensure we have a high level of understanding of the risks involved in modern slavery and human trafficking. Long term, this increased awareness will ensure we all understand our responsibility to our stakeholders, remain vigilant and review our approach to make sure we have appropriate risk mitigation in place.

Engaging with stakeholders

Our key stakeholders, and the ways in which we engage with them, are as follows:

Our employees

The company recognises that its success is built on the talent and dedication of its workforce, relying on a skilled team of mechanics, engineers, and support staff who operate in a fast-paced and demanding environment. Due to the nature of the industry, employees are required to adapt to last-minute changes and tight turnarounds to enhance performance relative to competitors. The company cannot achieve this without its employees, making recruitment and retention critical business activities. To support this, the company helps to engage with team members by:

• setting remuneration at market-leading rates, and rewarding performance with bonuses at all levels;
• providing training and career development support;
• ensuring that staff from each department are present and involved in management meetings and are consulted for significant decisions.

We foster a positive and inclusive working environment, maintaining open communication through regular team meetings, management updates, and informal feedback channels. Employees are consulted on matters affecting them, and their views are considered in decision-making processes.

The company is committed to equal opportunities for all employees, including those with disabilities. Where appropriate, reasonable adjustments are made to support disabled individuals in the workplace. If an employee becomes disabled during their employment, we explore suitable roles and provide support to enable continued employment.

Our customers and suppliers

The company maintains positive relationships with all stakeholders; our supply chain has a significant importance in allowing us to achieve our short-term and long-term objectives. The company’s business model prioritises quality and delivery to maximise our efficiency. The directors recognise the importance of maintaining high standards of business conduct and have continued to promote transparency and fair dealing in interactions with customers and suppliers, supporting the company’s efforts to build and sustain a positive reputation.

In making strategic and operational decisions, the directors consider the views and interests of customers and suppliers, ensuring that choices made support long-term partnerships, uphold service quality, and reinforce the company’s reputation for integrity and reliability.

Our community and planet

Formula One has a history embedded in pioneering new technologies such as energy recovery systems and composite materials. In doing so, motorsport has benefitted millions of cars on the road today. It is with this entrepreneurial mindset and passion to continually improve our sport that Formula One and its teams, are ideally placed to drive decarbonisation forward and improve our impact on the environment and communities we operate in.

Haas Formula UK Ltd is committed to creating an organisation where employees have an opportunity to participate in the success of the business and which cares for the environment and communities we operate in.

Environmental, social and governance (ESG) initiatives are part of our DNA. Only by engaging with every touch point of our organisation - from the racetrack to the office, and the communities we race in - can we truly be an organisation committed to driving sustainability forward.

Since our inception, we have strived to create a motorsport team that cares for its people, the community and our environment.

Environment: In December 2022, MoneyGram Haas Formula One Team achieved FIA Three Star Environmental Accreditation in recognition of our environmental and governance efforts within our operations and trackside, which was renewed in November 2024. During our latest renewal, we were commended for the passion our team displayed to embracing sustainability across our operations. The Environmental Accreditation framework is aligned with an internationally recognised environmental standard, ISO 14001, and was specifically developed to fit motorsport stakeholders due to the specific elements of our sport and is integrated into the Formula One Sporting Regulations. By achieving the highest level of the accreditation, we certify our commitment to positive environmental actions as targets and goals are established across departments along 16 different core principles. Following this, an on-site audit is completed by the FIA and an external auditor to ensure we are working in alignment with the documentation produced.

Our UK site is powered by renewable energy, with certificates for these agreements in place. Water, energy, and waste are recorded and monitored across all our operations, with reduction targets set against each.

At the end of 2019, Formula One published its Sustainability Strategy, outlining goals for net zero events by 2025 and a net zero championship by 2030. The strategy took into consideration the emissions and sustainability impact of race events including travel, freight, race cars, and more. We recognise our contribution to this and attend meetings throughout the year to discuss solutions for the future with Formula One Management (FOM), the Fédération Internationale de l'Automobile and other teams, focusing on how we can influence a positive future and collaborate on shared goals. An example of a shared initiative is our investment in Sustainable Aviation Fuel (SAF), managed in partnership with FOM and other teams in recognition of the emissions associated with logistics.

Social: The company has been involved in a number of purpose-driven initiatives to increase access to motorsport and promote STEM, providing support and relief to seriously ill children and their families. At each race, the company invites local community groups and schools on-site to learn valuable insights about the world of Formula One and potential career paths.  

Success on and off the track is built through the talent and skills of individuals from a diverse range of backgrounds. By building connections with schools and engaging young students in the wide array of opportunities involved in motorsport, we’re broadening the career horizon open to the younger generation.

We work with FOM, local promoters to reach as many children, students, and families as possible, providing access and insights to our industry. Due to the success of our collaboration with the American Internal School of Jeddah (AISJ) in 2023, we have continued that collaboration in 2024. We have focussed on working directly with STEM students to bolster their learning. The partnership has adopted a holistic approach in identifying barriers to progression from education into the workplace, as well as targeting specific areas of the school syllabus where the team can add awareness, mentorship, and industry-based case studies to students looking at a career in STEM subjects.

Haas Formula UK Ltd has also been a proud supporter of the Formula One in Schools programme for over a decade. The project was developed to introduce students to STEM subjects in the most engaging way possible and we believe that working with emerging talent will help not only our team, but the future of the sport.