Haas Formula UK Ltd: Stakeholder Engagement
As the Board at Haas Racing, we have a legal responsibility under section 172 of the Companies Act 2006 to act in the way we consider, in good faith, would be most likely to promote the company’s success for the benefit of our members, and to have regard to the long-term effect of our decisions on the company and its stakeholders. This statement addresses the ways in which we as a Board outwork this responsibility.
Promoting the company’s success for its members
Haas Formula UK Ltd was established by Gene Haas in 2014 and the company continues to be controlled and run under this structure. We’re proud of the ways in which the company has provided employment, training and financial reward for its owners and employees.
We aim to compete in the Formula One World Championship whilst representing the Haas Automation Inc brand. The championship is highly competitive, and we aim to optimise our performance on a defined budget. We acknowledge that, in order to progress to the next phase in the company’s future, we will need to leverage our strategic partnerships with other companies in the sectors within which we operate.
We make strategic decisions based on long-term objectives. This has meant significant investment in capital to ensure that we can maintain high performance. This has been at the expense of short-term gains but positions the company to drive performance over the long term.
Engaging with stakeholders
Our key stakeholders, and the ways in which we engage with them, are as follows:
We rely on a skilled team of engineers, mechanics, designers and aerodynamicists. Due to the industry demands, we are required to adapt to last-minute changes and tight turnarounds to increase our performance relative to our competitors. We cannot achieve this without our team.
Recruitment and retention of staff is therefore a critical business activity. We help to engage with team members by:
|Our customers and suppliers||
We maintain positive relationships with all stakeholders; our supply chain has a significant importance in allowing us to achieve our short-term and long-term objectives. Our business model prioritises quality and delivery to maximise our efficiency. We have built and will maintain a reputation for transparency and fair dealing in our interaction with both customers and suppliers.
|Our community and planet||
We support our community by conducting fundraising supporting both local and national charities. Our industry has contributed to environmental pollution, we are aiming to mitigate this within our control and act in a sustainable manner.