Corporate governance

The Board looks to encourage a culture of strong governance across the business, and continues to adopt the principles of good governance by adhering to the requirements of the UK Corporate Governance Code.

The Board is collectively responsible to the Company’s shareholders for creating and preserving the long-term success and performance of the business. The key principles of the code are:

The Board provides leadership either directly or through the operation of its committees. The Chairman is ultimately responsible for the make up and composition of the Board to best deliver the business strategy.

The Board is responsible for establishing and maintaining the risk management and internal controls and has delegated the responsibility to ensure compliance with the new code to the Audit Committee.

The Board sets the strategic objectives and approves and monitors performance against budgets and forecasts. An evaluation process is regularly undertaken to ensure Board members have the necessary skills in place. Being effective also means maintaining relationships and continued engagement with shareholders.

The role of the Remuneration Committee is to determine and maintain a fair reward structure that attracts the right talent and incentivises Directors to deliver its strategic objectives and maintain stability of management.