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Corporate social responsibility statement

The Directors recognise the increasing importance of corporate social responsibility and endeavour to take into account the interests of the Group’s stakeholders, including its investors, employees, customers, suppliers and business partners when operating the business. The Group believes that having empowered and responsible employees who display sound judgement and awareness of the consequences of their decisions and actions, and who act in an ethical and responsible way, is key to the success of the business.

Environment

Vectura is committed to complying with environmental legislation and minimising the impact of its activities on the environment. Vectura considers that its activities have a low environmental impact. The Group is committed to minimising any adverse environmental impact of its manufacturing and laboratory facilities and complies with UK environmental legislation.

Waste management

Various waste management initiatives were implemented through the Group in 2007, including recycling of all paper waste, aluminium cans, printer toners/cartridges and redundant mobile telephone handsets. The Group’s employees are actively encouraged to reduce power usage in the office environment, and telephone conferencing facilities are used wherever possible in order to reduce unnecessary travel.

Health and safety

Vectura has established a Health and Safety Committee to review health and safety standards within the Group on an ongoing basis. The Group considers health and safety to be a priority in its workplaces. The Group has an excellent safety record and there have been no major incidents or accidents to report to the Health and Safety Committee. The Group has provided specialist training to individuals who are responsible for health and safety, and general health and safety training to all staff.

The Group continues to keep environment and health and safety practices under review.

Ethical and social policies

The Group’s principal activities are undertaken within the pharmaceutical industry, which is subject to a highly regulated ethical framework with which the Group complies. In addition, the Group seeks to conduct its activities generally in accordance with good business ethics.

The Group does not consider it appropriate at its current stage of development to make significant financial donations to charitable, community or social activities, but does encourage its employees to take part in charity fundraising events. Vectura considers that its most important contribution to the communities within which it operates is to provide high-quality employment opportunities and to develop therapies for diseases.

Employees

The Group recognises that in an industry based on innovation, research and development, its employees are some of its biggest assets and it seeks to communicate and, where appropriate, consult with them on matters affecting them as employees, in the correct manner.

The Group is committed to achieving equality of opportunity in all its employment practices, policies and procedures. Employees are highly valued and their rights and dignity are respected. The Group does not tolerate any harassment or discrimination. The Group practises equal treatment of all employees or potential employees irrespective of their race, creed, colour, sexual orientation, nationality, ethnic origin, religion, disability, age, gender or marital status. The equal opportunities policy covers all permanent and temporary employees (including Non-Executive Directors), all job applicants, agency staff, associates, consultants and contractors. The Group also endeavours to be honest and fair in its relationships with customers and suppliers and to be a good corporate citizen, respecting the laws of countries in which it operates.

The Group provides training and development appropriate to individual needs and offers remuneration packages (including pensions, private medical, permanent health and life insurance) and a working environment that are designed to be both fair and competitive with larger companies within the industry. Participation in the Group’s share option schemes is extended to all of the Group’s employees. More details are provided in the Report on remuneration.

Employee involvement
During the year, Vectura continued its policy of providing employees with information about the Group through regular presentations by Directors, management and the Group’s intranet. In addition, regular meetings are held between management and employees to allow for a free flow of information and ideas. Staff forums have been formed to comply with the requirements of Information and Consultation of Employees Regulations 2004. The forums ensure implementation of the EC Directive.

Disabled employees
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. With regard to existing employees and those who may become disabled, Vectura’s policy is to examine ways and means to provide continuing employment under its existing terms and conditions and to provide training and career development, including promotion, wherever appropriate.

Family-friendly employment policies and employee welfare
The maternity leave and maternity pay policy conforms with statutory requirements. Flexible approaches to return to work after maternity leave and part-time or non-standard hours and work patterns are considered where viable. The Group has adopted a paternity leave policy in line with UK legislation.