Page 15 - 86395_CCB - 2024 Annual Report (web)

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Stakeholder Description Engagement
Regulators The Bank is regulated The Bank’s Senior Management are committed to fostering open and
by the PRA (Prudential honest engagement with its Regulators in line with the cornerstone
Regulation Authority) principle of the UK regulatory environment. The CEO, CFO and CRO
and FCA (Financial meet regularly with the Bank’s PRA Supervisory team through the
Conduct Authority) framework of ‘proactive engagement and continuous assessment’
meetings and report on key themes discussed through committee
and Board meetings as appropriate. The CRO reports to the Board
Risk & Compliance Committee on material matters of regulatory
liaison, and the Bank’s assessment of the quality of the relationship
with each Regulator. In addition, the Chair, Senior Independent
Director, and Chair of Risk maintain a direct relationship with the
Bank’s Regulators on key themes as appropriate.

Communities The geographic The Board support the Bank’s membership of several local trade
locations in which bodies such as Chamber of Commerce and Business Networking
the Bank has offices, groups in the regions in which it operates, including sponsoring an
employees, and Environmental Impact award.
customers In consideration of the challenges on charities in the current
economic environment, the Board has maintained the Bank’s level
of activity and support for local communities. Further details of
the Bank’s activities in local communities are set out in the ESG –
Supporting our Local Communities section.
The Board receives regular updates on the Bank’s delivery of these
activities and how the Bank supports the local community.

B Corp The B Corp community As a certified B Corp company, we published our first Impact Report
and the expectation in 2024. The report outlines our positive contributions to society and
that B Corps have the environment. A copy of the report can be seen at:
a material positive https://ccbank.co.uk/about‑us/environmental‑social‑governance
impact on society and
the environment

Decisions made during the year The Board considered various risks and
trends that shaped the financial services
The Board agreed our next three year industry in 2024, and how they affected
strategic plan in 2024. Delivery of the our strategic direction and operational
plan over the three year period will see performance. Some of the key risks and
continued growth, superior returns for trends that influenced the Board are:
stakeholders and a sustainable and vibrant
business. Since it started trading in 2012 Ž The impact of the cost‑of‑living crisis
the Bank’s strategy has resulted in balance and the base rate environment upon
sheet assets exceeding £1.55bn and colleagues, customers and the community.
delivering profit before tax of £35.8m. Ž The escalation of geopolitical tensions
The Board has assessed the future which threaten the stability and security of
operating environment for the business regions, disrupt trade and energy supplies,
and expects continued growth in profits and increase the risk of sanctions and
and ongoing investment in people cyber‑attacks.
and systems. The Bank’s strategic
objectives remain unchanged. The Bank Ž The changes in political and regulatory
plans to continue to grow and expand its landscape arising from the UK general
lending activities into new asset classes election, the consequential change
where the existing capacity and capability to a Labour government and the US
of the Bank can be brought to bear, presidential elections. All of which
realising niche opportunities in markets are driving a shift in perspective with
that offer earnings at a level accretive to regards regulation and the approach of
those achieved in the core businesses. the regulators.