THE BOARD STRUCTURE
The structure and business of the Board is designed to ensure that the Board focuses its time and energy on providing entrepreneurial leadership to the Group, setting strategy and monitoring performance, and ensuring that the necessary financial and human resources are in place to enable the Company to meet its objectives.
In addition, the Board ensures that the appropriate financial and business systems and controls are in place to safeguard both the majority and the minority shareholders' interests and to maintain effective corporate governance.
The Board operates in accordance with the Company’s Articles of Association and its own written terms of reference (Schedule of Matters Reserved for Board Decision). The Board has established a number of Committees as indicated below. Each Committee has its own terms of reference which will be reviewed at least annually.
AUDIT AND RISK COMMITTEE
Key Responsibilities - Monitoring the integrity of financial statements, ensuring that effective systems of internal control are maintained and monitoring accounting policies.
Chairman - Robert Singer
Member - David Poulter
REMUNERATION AND NOMINATIONS COMMITTEE
Key Responsibilities - Determining specific remuneration packages for all Executive Directors and certian Senior Executives of the Group
Chairman - Peter Harf (on an interim basis)
Member - Meribeth Parker, Anna-Lena Kamenetsky
Key Responsibilities - To consider any contract, arrangement or transaction between a member of the Group and the controlling shraeholder or its associates
Chairman - Robert Singer
Members - Pierre Denis, Elisabeth Murdoch, Meribeth Parker, David Poulter, Jonathan Sinclair
Terms of reference for the committees can be found here.
A summary of the matters reserved for decision by the Board is set out below:
LEADERSHIP, STRATEGY, BUDGETS AND MANAGEMENT
Providing leadership and setting values and standards
Approving, developing and monitoring the strategy and objectives of the Group
STRUCTURE AND CAPITAL
Approval of financial statements
Approval of dividend policy
Approval of material changes in accounting policies
Approval of major capital expenditure
RISK MANAGEMENT AND INTERNAL CONTROLS
Changes to the structure, size and composition of the Board
Ensuring adequate succession planning
Appointment or removal of the Chairman, CEO, SID and Company Secretary
Review of Group’s overall governance framework
Determining the independence of Directors
Considering the views of shareholders
Authorising any conflicts of interest
Determining the policy for remuneration of the Chairman, the Executive Directors, Company Secretary and other senior executives
Determining the remuneration of the Non-Executive Directors
Introduction of new share incentive plans or major changes to existing plans
Approval and monitoring of the Share Dealing Code
Approval and monitoring of Corporate and Social Responsibility
Approving policies for political and charitable donations
- Approval of the overall levels of insurance for the Group