Governance
Corporate Governance Report
We remain committed to maintaining high standards of corporate governance, which we see as a cornerstone of managing the business affairs of the Group and a fundamental part of the Board discharging its stewardship responsibilities.
Introduction
The Board recognises that it is accountable to shareholders for our standards of governance. This report, together with the Directors’ Remuneration Report, seeks to explain how in practice we apply the principles of good governance, advocated by the Combined Code on Corporate Governance (the Code).
The Code sets out governance rules and best practice provisions which apply to UK listed companies. Companies must either comply with these provisions or provide an explanation for areas of non-compliance. The Code is publicly available on the Financial Reporting Council’s website www.frc.org.uk.
It is the Board’s view that the Company has been fully compliant with the Code throughout our 2008/2009 financial year.
How we meet our governance responsibilities in practice
Select a category below to read how we meet our governance responsibilities in practice.
- A.Directors
- 1. The Board: How do we ensure the Company is headed by an effective, collectively responsible Board?
- 2. Chairman and Chief Executive: How do we ensure no one individual has unfettered powers of decision?
- 3. Board balance and independence: How do we ensure a sensible balance of Executive and Non-Executive Directors?
- 4. Appointments to the Board: How rigorous is our procedure for the appointment of new directors to the Board?
- 5. Information and professional development: How do we induct and regularly inform our Board?
- 6. Performance evaluation: How do we formally evaluate our Board and Committees’ performance annually?
- 7. Re-election: How do we ensure planned and progressive refreshing of the Board?
- B.Remuneration
- 1. The level and make-up of remuneration: What is our approach to remuneration and how do we link it to performance?
- 2. Procedure: What is our formal procedure for developing our policy on executive remuneration?
- C.Accountability and audit
- 1. Financial reporting: How do we ensure we present a clear and balanced assessment of the Company’s position?
- 2. Internal control: What does our Board do to maintain a sound system of internal control?
- 3. Audit Committee and Auditors: How do we formally apply financial reporting and internal control principles?
View our answers to these Accountability and audit questions
- D.Relations with shareholders
- 1. Dialogue with institutional shareholders: How does our Board ensure that a satisfactory dialogue with shareholders takes place?
- 2. Constructive use of the AGM: How does the Board effectively use the AGM to engage with investors?
View our answers to these Relations with shareholders questions
