Section 172(1) statement

Section 172 of The Companies Act 2006 states that a director of a company must act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole. In doing so a director of a company must have regard (amongst other matters) to:

 

a. The likely consequences of any decision in the long term;

b. The interests of the company’s employees;

c. The need to foster the company’s business relationships with suppliers, customers and others;

d. The impact of the company’s operations on the community and the environment;

e. The desirability of the company maintaining a reputations for high standards of business conduct; and

f. The need to act fairly as between members of the company.

 

The following summarises how the director has fulfilled her duties under Section 172 of The Companies Act 2006.

 

Decision making

The company fulfils its duties to act in good faith to promote the activities of the gallery, which is the exhibition and promotion of the work of the artists it represents. This takes the form of mounting exhibitions of new contemporary art in its three London galleries, and taking part in around ten international trade fairs a year.

The company aims to achieve the very best standards of operational and curatorial practice; to be accessible across both digital and IRL platforms; to be at all times client oriented and inspire trust; to innovate and be forward thinking. The company reviews and considers the various stakeholders when arriving at recommended business decisions consistent with its strategy. This innovative strategy allows us to be competitive, flexible and resilient while also responding to a rapidly changing market situation.

Examples of decision making during 2020 include:
• Preparation for different Brexit scenarios, including a review of the Company’s IT systems to ensure the company is fully set for import/export changes post-Brexit; and
• Review of the company’s operational structure to ensure the organisational model remains fit for the future; and
• Progress towards the forming of an industry association to consider environmental impact and suggest strategies for implementing change; and
• Implementation of the new AML regulations and the training of all relevant staff.

 

Employee engagement

The company values the knowledge and experience of its staff and invests in training and skills acquisition to encourage personal development. We aim to be a responsible employer in our approach to the pay and benefits of employees. The health, safety and wellbeing of our employees is one of the primary considerations in the way we do business. Our Human Resources function aims to ensure it is able to continually deliver a consistent support to our employees with regular meetings, annual reviews, and an open door policy. 2020 saw an increased amount of HR support in the provision of a clear policy of safe-guarding staff during the pandemic and the setting up of remote working or furlough periods.

 

Business Relationships

The company engages with a variety of external stakeholders, including clients, artists, collaborators and suppliers. It prioritises maintaining close relationships with artists and clients and transparent relationships with suppliers to build integrity and reputation. An example of engagement with stakeholders during 2020 was our engagement with regulators to increase understanding of proposed regulatory changes like AML and Brexit.

 

Community and Environment

The company is a founding member of Gallery Climate Coalition, an industry association which aims to promote sustainability and environmental reform within the art world. The company strives to improve its carbon footprint by examining all aspects of our business to find energy-saving, recycling and resource-sharing initiatives. The Company contributes to other international bodies that aim to improve industry standards, promote collaboration, innovation and support. It actively supports a number of arts and educational organisations.

 

Culture and values

The company’s culture is characterised by innovation, professionalism, responsibility, and a deep respect for the clients of the gallery, artists or collectors. It aims to maintain good working practices and a reputation for high standards of business conduct to secure long-term success. The company embraces diversity, flexibility, sustainability and fully engages with continuous improvement both within the organisation as well as within our creative industry.