Our key stakeholders
Why do we engage?
The Board recognises the critical importance of understanding and incorporating the expectations of Syncona’s shareholders as we seek to deliver our strategy and sustainable long-term value. We strive to ensure our shareholders have an in-depth understanding of our operations, portfolio, value framework and sustainability approach.
How do we engage?
The Board directly engages with shareholders through the Chair, who seeks the perspectives of key shareholders and investor groups each year via written correspondence and in-person meetings.
Other members of the Board also engage with shareholders on specific key issues when relevant, including taking into account the perspectives of shareholders when reviewing Syncona’s Remuneration Policy.
Day-to-day communication with shareholders is led by the Syncona team, predominantly taking place through individual and group meetings hosted by Investor Relations (IR) and members of the Leadership Team, particularly following the publication of interim and full-year results.
The Board is provided with regular updates on shareholder sentiment from the Syncona team and advisers as well as on delivery against Syncona’s IR strategy by the Syncona team.
Outcomes and actions during the year
The Syncona Board took the decision in September 2023 to launch a £40.0 million share buyback, believing that the shares represented a compelling investment opportunity. The perspectives of key shareholders were taken into account in the decision to launch the share buyback.
During the year an independent adviser conducted an investor study in order to understand the perspectives of shareholders across a range of key areas. Key outputs from the study have been agreed with the Syncona team and incorporated into ongoing IR activities.
Updates on shareholder relations activities were provided at each Board meeting by the Syncona team and considered as part of discussions.
Why do we engage?
As a company builder which takes a hands-on approach to managing its portfolio, strong relationships with its portfolio companies are critical to Syncona. Engaging with companies allows Syncona to add value by supporting these businesses and their management teams through the development cycle, providing expertise across commercial, financing and clinical strategy. This helps Syncona to manage risk across the portfolio and allows it to effectively support companies in addressing and managing issues when they arise.
How do we engage?
The Board monitors high-level progress across the portfolio in order to track delivery against key milestones which support the delivery of Syncona’s strategy.
The oversight conducted by the Board includes monitoring against Syncona’s sustainability expectations.
Direct engagement with portfolio companies is managed by the Syncona team, with team members across functions having close relationships with portfolio company management teams which helps support delivery against commercial, clinical and financing plans.
This support includes taking on board roles, where Syncona investment team members are able to provide guidance and ensure appropriate governance is in place.
Outcomes and actions during the year
During the year the Syncona team evolved the reporting that is provided to the Board on portfolio company progress, with a summary provided by the CEO of SIML following each quarterly business review meeting alongside key actions identified.
An in-depth overview of portfolio investment strategy was provided to the Board as part of the September Strategy Day
Why do we engage?
A strong relationship with aligned co-investors is critical to the delivery of Syncona’s long-term strategy. Syncona’s financing approach has evolved to bring aligned co-investors to new portfolio companies at an earlier stage, to enable broader financial scale across the portfolio, whilst still holding three to five companies with significant shareholdings to late-stage development. These co-investors play an important role in supporting our companies through the development cycle, providing funding and expertise in partnership with Syncona. Relationships with pharma teams are also a key priority for the Syncona team given their potential role as acquirers and collaborators of Syncona portfolio companies.
How do we engage?
The Board is provided with regular updates on the status of key relationships with co-investors and strategic partners.
The Board is also regularly updated on Syncona’s capital strategy, which incorporates the role of co-investors in financing strategy within the portfolio.
The Syncona team takes an active role in coordinating with current and prospective co-investors. This takes place through direct engagement at portfolio company Board meetings as well as in ad hoc engagement which can be focused on wider areas of collaboration.
Outcomes and actions during the year
Syncona’s capital strategy was presented to the Board at the September Strategy Day.
Increasing engagement with co-investors was a key priority for the Syncona team during the year and updates were provided to the Board on the status of key strategic relationships and their potential role supporting Syncona’s capital strategy
Why do we engage?
The strength of Syncona’s relationships with academics, key opinion leaders and world-renowned institutions in the life sciences ecosystem is central to Syncona’s model of creating companies based on exceptional science. Syncona is able to bring the commercial vision, working alongside founders to turn their scientific ideas into a commercial reality and bring therapies towards patients.
How do we engage?
The Board is provided with regular updates on Syncona’s investment pipeline, including information on where opportunities have been sourced from and how this helps to support investment cases.
The Syncona team leverages its broad network in order to support the delivery of the Company’s strategy. Members of the investment team engage regularly with institutions and senior leaders across the life sciences environment to source investment opportunities as well as promote Syncona’s role within the sector.
Outcomes and actions during the year
Updates were provided at each Board meeting on the status of the investment pipeline, including the three investments which Syncona completed during the year.
Why do we engage?
Delivering strong patient impact is critical to Syncona’s strategy of building companies that can develop transformational treatments for patients in areas of high unmet need. The impact a potential therapy can have on patients is integrated into our investment process and the ongoing management of the portfolio.
How do we engage?
The Board is provided with updates relating to individual investment opportunities, including how these investments have the potential to deliver a strong patient impact, as well as key updates relating to patients at portfolio companies such as progress in clinical trials.
The Board plays an active role in engaging with the Syncona team on sustainability strategy, which contains a strong focus on patients. This includes reviewing the Responsible Investment Policy on an annual basis, which incorporates Syncona’s expectations for managing medical research and safety within clinical trials in the portfolio.
The Syncona team integrates patient impact into its investment process, with the core of Syncona’s strategy being to create and build companies delivering transformational treatments in areas of high unmet need. Patient considerations are also a key part of Syncona’s ongoing management of its portfolio as it supports companies in their clinical and commercial strategies.
Outcomes and actions during the year
The Board reviewed and approved Syncona’s sustainability strategy, which includes an increased focus on measuring patient impact across the Syncona portfolio.
Why do we engage?
The Syncona team is critical to the long-term success of the Company. Given the very specialised nature of Syncona’s work, ensuring that the Syncona team has the relevant broad level of expertise is important for long-term delivery against strategy. It is also important that the Syncona team remains engaged through a healthy culture that fosters a vibrant workplace that challenges and supports them, with this ultimately supporting the Company’s vision and strategy.
How do we engage?
The Board plays a key role in overseeing the culture at Syncona and prioritises direct engagement with the Syncona team. This is predominantly led by Gian Piero Reverberi, the Board’s designated engagement director.
Regular updates are provided to the Board on people strategy. This includes details on hiring strategy for the year (including key senior hires), outputs of employee surveys, and summaries of key business process changes which will impact the Syncona team.
The Remuneration Committee considers cross-team incentivisation through the LTIP incentive scheme.
The Syncona Leadership Team is responsible for business operations as well as implementing the culture at Syncona. The Leadership Team prioritises engaging with the broader team on strategy and operational developments. The full team is updated on corporate news through a weekly meeting, whilst town halls are also used to provide more detailed updates on key issues to the business.
Outcomes and actions during the year
Gian Piero Reverberi directly engaged with members of the Syncona team throughout the year through quarterly lunches.
Enabling a strong unified culture has been a key priority for the Syncona Leadership Team, with a number of changes to business processes implemented during the year following feedback received from Syncona’s first Employee Engagement Survey, which was conducted in 2022/3.
The Board was provided with a business update by the CEO of SIML at every Board meeting, which incorporated key people news as well as any important changes in business processes.
The Board worked during the year to evolve and strengthen the Syncona team.
Why do we engage?
Since its foundation Syncona has played a key role within the life sciences ecosystem. Our model of providing long-term capital has played a pivotal role in the development of the financing environment for early-stage life sciences companies in the UK, who are able to positively contribute to their communities and local economies. This is supported by our commitment to maintaining a close relationship with government and wider industry, where we actively contribute to initiatives which underpin the long-term growth of the sector. Our positive role within the ecosystem is also aligned with our commitment to sustainability, which is embedded into Syncona’s investment, portfolio management and business processes. The Board and Syncona team are also active partners in working alongside Syncona’s various not-for-profit and charitable partners (including The Syncona Foundation).
How do we engage?
Members of the Board actively engage across the life sciences industry and participate in a range of initiatives which support the insights and perspectives they share with the Syncona team.
The Board approves the annual donation to The Syncona Foundation and is provided with a detailed annual summary of progress across its chosen charities.
The Syncona team provides an update on delivery against Syncona’s Sustainability Policy on a biannual basis.
The Syncona team actively engages with a broad range of government and industry figures. It does so through direct engagement as well as through its role as an active participant in industry organisations such as the BioIndustry Association (BIA).
The Syncona team leads direct engagement with Syncona’s charitable and not-for-profit partners, such as Level 20 and the Windsor Fellowship.
Outcomes and actions during the year
The Board took the decision during the year to maintain the donation provided to The Syncona Foundation at 0.35% of NAV.
The Board reviewed and approved updates to the Syncona Sustainability Policy and ongoing sustainability strategy in March 2024.
The Syncona team increased its public affairs activities during the year to reflect key developments in the industry, including the UK Government’s proposed Mansion House reforms.
A public affairs strategy was developed and approved by the Board in March 2024.
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