See the Annual report PDF (7.4MB) for our full governance report
Board of directors
The Board is responsible for the strategy, effective control and management of the Group. It has a strong and independent non-executive element. Find out more about the members of the Board
There is a written division of responsibilities between the Chairman and Chief Executive, which has been approved by the Board.
The formal schedule of matters specifically reserved for Board approval includes the annual and quarterly accounts, authority levels below the Board and material acquisitions, disposals and financing arrangements.
The Board delegates authority for certain transactions, within defined, limited parameters, to the executive directors of the company. The Remuneration, Audit and Nomination Committees are made up of members of the Board and report directly to it.
The Board has a regular schedule of meetings, with further meetings held as required by the ongoing business of the company.
The executive directors and senior executives who comprise the Executive Committee meet fortnightly, chaired by the Chief Executive, to deal with the ongoing management of the Group. In addition, the Investment Committee, which comprises the executive directors, meets as required to review and approve all major capital transactions.
The Chairman of the Board and individual directors meet regularly, outside formal Board meetings, as part of each director's continuing contribution to deliver the company's strategy and superior returns for shareholders. This process also allows for open two-way discussion about the effectiveness of the Board, its committees and individual directors, both executive and non-executive. In this way, the Chairman is continuously aware of the views of individual directors and can act as necessary to deal with any issues relating to Board effectiveness before they can become a risk to the company.
