The Group is led by an effective, committed and unitary Board, which is collectively responsible for the long-term success of the Company. The Board comprises a Chairman, independent Non-Executive Directors and Executive Directors.
There is a clear division of responsibility at the head of the Company, which is documented in the Group’s Corporate Governance Framework. The Chairman has overall responsibility for the leadership of the Board and for ensuring its effectiveness while the Group Chief Executive manages and leads the business.
The Corporate Governance Framework sets out a number of key decisions and matters that are reserved for the Board’s approval. The Board sets the strategy, oversees its delivery and establishes the culture, values and standards of the Group. The Board ensures that the Group manages risk effectively, monitors financial performance and reporting and ensures that appropriate and effective succession planning arrangements and remuneration policies are in place.
Board Audit Committee
The purpose of the Committee is to monitor and review the Group’s financial and narrative reporting arrangements, the effectiveness of the internal controls over financial reporting and the risk management framework and each of the internal and external audit processes.The Audit Committee reports to the Board on how it discharges its responsibilities and makes recommendations to the Board.
Board Governance, Nomination and Remuneration Committee
The purpose of the Committee is to keep the Board’s governance, composition, skills, experience, knowledge, independence, succession arrangements and remuneration policies under review and to make appropriate recommendations to the Board to ensure the Company’s arrangements are consistent with the highest corporate governance standards. The Committee reports to the Board on how it discharges its responsibilities and makes recommendations to the Board.
Group Chief Executive Officer
Responsibility for the day-to-day management of the business is delegated to the Group Chief Executive Officer (GCEO). The GCEO delegates aspects of his own authority, as permitted under the Corporate Governance Framework, to members of the Group Executive Committee (GEC). The GCEO makes decisions on matters affecting the operation, performance and strategy of the Group’s business and provides leadership and direction to senior management. He coordinates all activities to implement the strategy and for managing the business in accordance with the Group’s risk appetite and business plan set by the Board.
Group Executive Committee
The GEC meets weekly to scrutinise the Group’s business. The weekly GEC meetings ensure that there is appropriate internal audit oversight, that employee interests and people strategy matters are considered and that the highest standards of corporate governance are maintained, including the escalation of matters to the Board and its Committees.
A division that is committed to doing business ethically and responsibly – in a way that respects our customers, employees, suppliers and other stakeholders. This is essential to maintain their trust and strengthen our reputation. All of this supports our goal to deliver sustainable profitable revenue growth. And it helps us attract investors who include environmental, social and governance criteria when they decide which companies to invest in.