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Directors' responsibilities

Directors' responsibilities

The Board’s role is to provide entrepreneurial leadership of the Company within a framework of prudent and effective controls which enables risk to be assessed and managed. It also sets the Group’s strategic aims, ensuring that the necessary financial and human resources are in place for the Group to meet its objectives and review management performance. The Board sets the Group’s values and standards and ensures that its obligations to its shareholders and others are understood and met. The Board has a schedule of matters formally reserved to it for its decision such as strategic, major financial and key operational issues.

The Board has three standing committees: Audit, Remuneration and Nomination. Each committee has formally delegated duties and responsibilities within written terms of reference which are available from the Company Secretary and can be found on this website in the Corporate Governance section.

In addition there is an Executive Committee, composed of the Executive Directors and Nick Sewell, and chaired by David Lockhart, which has written terms of reference and specific delegated authority from the Board. This Committee meets at least monthly and has day to day responsibility for the management of the business. Its key functions include:

  • To ensure a high standard of internal corporate governance
  • To ensure effective and transparent decision making
  • To improve information sharing and communication between Executive Directors and between the Executive Committee and the Board
  • To ensure adequate time for key discussions and an ability to make decisions quickly