Section 172 Statements

The directors consider that they have acted, in good faith, in a way that is most likely to promote the long-term success of the company for the benefit of its members. In doing so, the board considers the interest of a range of stakeholders impacted by the business, as well as its duties as set out in law. This statement details how the directors have discharged their duties under section 172 of the Companies Act 2006 during the year under review.

For each matter which comes before the board, stakeholders who may be affected are identified and their interest considered as part of the board’s decision process. The board is mindful of Veranova’s governance framework and ensures compliance with this as well as upholding the values and ethical standards set by the group.

The directors remain aware of the need to foster the company’s business relationships with its suppliers, customers and other stakeholders and this is a key consideration in the principal decisions taken by the company.

All group supplier related activity was managed in line with the Group Procurement Policies which ensure that supply risk is managed appropriately, this includes our Supplier Code of Conduct and supplier due diligence programme. The group promotes a ‘speak up’ culture and provides employees and third parties with an independently run speak up helpline where concerns about slavery or human trafficking can be raised. In addition, the board recognises the importance of fostering good business relationships with suppliers, and as part of this the board reviewed the company’s payment practices reports and associated actions for the six months ended 31 March 2023 and 30 September 2023.

The board work with the company’s management to ensure good communications to the company’s regulators MHRA, UK Home Office and the FDA regarding licence renewals or term changes to existing licences.

The company plays an active role in the local community and the group’s initiatives are designed to empower our employees to have a positive impact on their local communities. The board and management are supported by the group’s corporate social responsibility committees and community ambassadors who facilitate volunteering in local communities and engagement on specific topics.

Veranova is dedicated to upholding principles of Corporate Social Responsibility and Sustainability. As a newly established entity, we are actively developing and enacting a range of policies within our company. Our operations maintain a close collaborative relationship with The Scottish Environment Protection Agency (SEPA), ensuring our commitment to these values.

The company strives to be a truly inclusive organisation that fosters employee engagement and development and aims to keep employees informed on matters relevant to them as employees through regular communications and meetings.

The directors of Veranova 1 Limited consider that they have acted, in good faith, in a way that is most likely to promote the long-term success of the company for the benefit of its members. In doing so, the board considers the interest of a range of stakeholders impacted by the business, as well as its duties as set out in law. This statement details how the directors have discharged their duties under section 172 of the Companies Act 2006 during the period under review.

For each matter which comes before the board, stakeholders who may be affected are identified and their interest considered as part of the board’s decision process. The board is mindful of Veranova’s governance framework and ensures compliance with this as well as upholding the values and ethical standards set by the group.

The directors remain aware of the need to foster the company’s business relationships with its suppliers, customers and other stakeholders and this is a key consideration in the principal decisions taken by the company.

All group supplier related activity was managed in line with the Group Procurement Policies which ensure that supply risk is managed appropriately, this includes our Supplier Code of Conduct and supplier due diligence programme. The group promotes a ‘speak up’ culture and provides employees and third parties with an independently run speak up helpline where concerns about slavery or human trafficking can be raised. In addition, the board recognises the importance of fostering good business relationships with suppliers, and as part of this the board reviewed the company’s payment practices reports and associated actions for the six months ended 31 March 2023 and 30 September 2023.

The board work with Macfarlan Smith Limited’s management to ensure good communications to the subsidiary’s regulators MHRA, UK Home Office and the FDA regarding licence renewals or term changes to existing licences. The board also works with the subsidiary to ensure its employee engagement practices are followed.

Macfarlan Smith Limited plays an active role in the local community and the group’s initiatives are designed to empower its employees to have a positive impact on their local communities. The board of Veranova 1 Limited and the subsidiary’s management are supported by the group’s corporate social responsibility committees and community ambassadors who facilitate volunteering in local communities and engagement on specific topics.

The directors of Veranova 2 Limited consider that they have acted, in good faith, in a way that is most likely to promote the long-term success of the company for the benefit of its members as a whole. In doing so, the board considers the interest of a range of stakeholders impacted by the business, as well as its duties as set out in law. This statement details how the directors have discharged their duties under section 172 of the Companies Act 2006 during the year under review.

For each matter which comes before the board, stakeholders who may be affected are identified and their interest considered as part of the board’s decision process. The board is mindful of Veranova’s governance framework and ensures compliance with this as well as upholding the values and ethical standards set by the group.

The directors remain aware of the need to foster the company’s business relationships with its suppliers, customers and other stakeholders and this is a key consideration in the principal decisions taken by the company.

All group supplier related activity was managed in line with the Group Procurement Policies which ensure that supply risk is managed appropriately, this includes our Supplier Code of Conduct and supplier due diligence programme. The group promotes a ‘speak up’ culture and provides employees and third parties with an independently run speak up helpline where concerns about slavery or human trafficking can be raised. In addition, the board recognises the importance of fostering good business relationships with suppliers, and as part of this the board reviewed the company’s payment practices reports and associated actions for the six months ended 31 March 2023 and 30 September 2023.

The board have worked with the management teams of Macfarlan Smith Limited and Veranova Pharmaceutical Services (Yantai) Co., Limited. In the case of Macfarlan Smith Limited, this is to ensure good communications to the associate’s regulators MHRA, UK Home Office and the FDA regarding licence renewals or term changes to existing licences. The board also worked with both companies to ensure its employee engagement practices are followed.

Macfarlan Smith Limited plays an active role in the local community and the group’s initiatives are designed to empower its employees to have a positive impact on their local communities. The board of Veranova 2 Limited and the associate’s management are supported by the group’s corporate social responsibility committees and community ambassadors who facilitate volunteering in local communities and engagement on specific topics.

In April 2023, Veranova announced that the Yantai site would complete manufacturing and close in the near term as a result of an overall change in the group strategy. This is the main operating site held by Veranova Pharmaceutical Services (Yantai) Co., Limited. This will change the long-term purpose of the company to only being a holding company of Macfarlan Smith Limited. In February 2024, Veranova Pharmaceutical Services (Yantai) Co., Limited was formally dissolved.

The directors of Veranova UK Holdco Limited consider that they have acted, in good faith, in a way that is most likely to promote the long-term success of the company for the benefit of its members. In doing so, the board considers the interest of a range of stakeholders impacted by the business, as well as its duties as set out in law. This statement details how the directors have discharged their duties under section 172 of the Companies Act 2006 during the year under review.

For each matter which comes before the board, stakeholders who may be affected are identified and their interest considered as part of the board’s decision process. The board is mindful of Veranova’s governance framework and ensures compliance with this as well as upholding the values and ethical standards set by the group.

The directors remain aware of the need to foster the company’s business relationships with its suppliers, customers and other stakeholders and this is a key consideration in the principal decisions taken by the company.

All group supplier related activity was managed in line with the Group Procurement Policies which ensure that supply risk is managed appropriately, this includes our Supplier Code of Conduct and supplier due diligence programme. The group promotes a ‘speak up’ culture and provides employees and third parties with an independently run speak up helpline where concerns about slavery or human trafficking can be raised. In addition, the board recognises the importance of fostering good business relationships with suppliers, and as part of this the board reviewed the company’s payment practices reports and associated actions for the six months ended 31 March 2023 and 30 September 2023.

The board work with Macfarlan Smith Limited’s management to ensure good communications to the subsidiary’s regulators MHRA, UK Home Office and the FDA regarding licence renewals or term changes to existing licences. The board also works with the subsidiary to ensure its employee engagement practices are followed.

Macfarlan Smith Limited plays an active role in the local community and the group’s initiatives are designed to empower its employees to have a positive impact on their local communities. The board of Veranova UK Holdco Limited and the subsidiary’s management are supported by the group’s corporate social responsibility committees and community ambassadors who facilitate volunteering in local communities and engagement on specific topics.