Corero Network Security plc

Climate Impact & Sustainability Data (2018, 2023)

Applied all ten principles detailed in the QCA Code.
Conducted an internal Board evaluation review showing the Board is operating effectively.

Short-term Goals:

Longer time required to ramp up new go-to-market partners and secure contracts impacting revenue growth and progress towards EBITDA break-even.
Retaining and recruiting people with the necessary skills and experience.
Competitive DDoS mitigation market with constant changes in technology and customer requirements.
Brexit uncertainty impacting EU customer impact, UK economy downturn, GBP sterling value, and EU citizen employee UK working rights.

Cost management resulting in a 13.3% reduction in adjusted operating expenses.
Targeting upper quartile pay for comparable positions and share options plan to incentivize employees.
Focus on lead generation, sales resources, and product development on target markets; close engagement with go-to-market partners; and developing relationships with go-to-market partners, channel partners, and system integrators.
Utilizing US denominated funds received by the Group’s UK subsidiary to fund the Group’s US subsidiary; keeping this policy under review based on expected timing of US dollar and GBP operational funding requirements.

Frameworks Used: QCA Corporate Governance Code

Operates a flexible remote working policy to mitigate unnecessary travel and its impact on climate change.
Encourages the reuse or recycling of office waste.
Aims to provide materials such as marketing collateral in a paperless, digital way.

Maintains an open dialogue with all stakeholders including shareholders, customers, partners, suppliers and employees.
Operates an employee share option plan.
Operates an equal opportunities policy ensuring fair treatment of all job applicants and employees.
Provides training to all its employees on Anti-Bribery and Corruption.

Committed to upholding high standards of corporate governance, enhancing shareholder value, and engaging in a fair and transparent manner with all stakeholders.
Supports the principles of the QCA Corporate Governance Code.
Conducts internal board evaluation reviews to monitor effectiveness.
Has effective procedures in place to monitor and deal with conflicts of interest.

Revenue growth is highly important to deliver profitable growth for the business. Lower sales growth reduces the Company’s cash resources which could impact the Company’s investment in sales and marketing and product development.
The DDoS mitigation market is competitive and characterised by changes in technology, customer requirements and new product introductions and improvements.
Corero is an emerging player in the DDoS prevention market and competes with much larger established organisations.
To grow and address the challenges resulting from technology change and innovation in the DDoS protection market, the Company needs to retain and recruit the required sales, business development, and software development skills.

Targeting its Ideal Customer Profile (‘ICP’); focusing its lead generation and sales resources, and product development, on its ICP; working closely with go-to-market partners to grow its sales opportunity pipeline, progress sales opportunities and generate revenue and cash; and developing relationships with new go-to-market partners and channel partners to expand its routes to market.
Focused on continuous innovation by adding new DDoS attack defences and new machine learning and artificial intelligence capabilities, and striving to provide market leading solutions to secure customers from the threat of DDoS attacks.
Investing in targeted digital marketing and lead generation programmes, together with its brand awareness programmes.
Targets paying salaries in the upper quartile for comparable positions.

Frameworks Used: QCA Corporate Governance Code

Corero's contributions to these goals are described in the report.