Urenco Annual Report 2022

Governance Corporate Governance continued Governance 02 63 Urenco Annual report and accounts 2022 The table below provides links to other sections in the Annual Report which demonstrate the considerations under Section 172: Section 172(1) Considerations Where to find further information Page Decisions for the long term success of the Company • Our strategy • Our strategy: priority focus areas - Capacity programme, Next Generation Fuels, Sustainability 14 20 Interests of employees • Our strategy: priority focus areas - Culture • Case Study: Board Visit to UUSA 37 65 Board engagement with stakeholders and how the Directors have regard to the need to foster the Company’s business relationship with all of its stakeholders, and the effect of that regard • Markets overview • Case Study: Response to the conflict in Ukraine • Case Study: Urenco supports Southern Nuclear expansion • Our strategy: priority focus areas • Stakeholder engagement 10 16 17 20 40 Impact of the Company’s operations on the community and environment • Case Study: Around two million patients per year benefit from Urenco Stable Isotopes • Our strategy: priority focus areas - Sustainability • Sustainability Committee Report 12 26 72 Reputation for high standards of business conduct • Our strategy: priority focus areas - Sustainability, Culture • Audit Committee Report 26, 37 66 Risk • Risks and risk management 44 As is the practice for large companies, we delegate authority for day-to-day management of the Company to the Chief Executive Officer and then engage management in setting, approving and overseeing execution of the business strategy and related policies. At every meeting, the Board receives reports on matters including safety, financial, commercial and operational performance, new business developments and business conducted at recent Committee meetings. Over the course of the financial year, the Board also reviews other matters including the Company’s business strategy, key risks, stakeholder-related matters and governance, compliance and legal matters. The Company’s key stakeholders are set out in the stakeholder map on page 42 and include its workforce, customers, suppliers, the local communities in which it operates and regulators. The views of and the impact of the Company’s activities on those stakeholders are an important consideration for the directors when making relevant decisions. While there are cases where the Board itself judges that it should engage directly with certain stakeholder groups or on certain issues, the size and spread of both our stakeholders and the Group means that generally our stakeholder engagement best takes place at an operational or group level. We find that as well as being a more efficient and effective approach, this also helps us achieve a greater positive impact on environmental, social and other issues than by working alone as an individual company. For details of some of the engagement that takes place with the Company’s stakeholders so as to aid the directors’ understanding of the issues to which they must have regard, please see page 42 (Key stakeholder engagements in 2022). During the period we received information to help us understand the interests and views of the Company’s key stakeholders and other relevant factors when making decisions. This information was distributed in a range of different formats, including in reports and presentations on our financial and operational performance, non-financial key performance indicators, risk, corporate responsibility matters and the outcomes of specific pieces of engagement (for example, the results of customer and supplier surveys and focus groups). As a result we have had an overview of engagement with stakeholders and other relevant factors which allows us to understand the nature of the stakeholders’ concerns and to comply with our Section 172 duty to promote the success of the Company. For further details on how our Board operates and the way in which we reach decisions, see ‘Role and operation of the Board’ above. For information regarding the matters we discussed and debated during the year, the key stakeholder considerations that were central to those discussions and the way in which we have had regard to the need to foster the Company’s business relationship with customers, suppliers and other stakeholders, please see below and pages 14 (Our Strategy), 40 (Stakeholder engagement), 66 (Audit Committee Report), 72 (Sustainability Committee Report), 73 (Remuneration Report), and 80 (Directors’ Report).

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