Board and Management
The Board is currently comprised of seven Directors, five of whom are Non-Executive Directors. The Chairman and three of the Non-Executive Directors are deemed to be independent under the terms of the Combined Code.
Role of the Board
The Board as a whole is collectively responsible for the success of the Company and each Director must take decisions objectively in the interests of the Company. The Board's principal role is to set strategy and the parameters within which the Group operates in furtherance of its objectives. The Board has approved a schedule of matters reserved for its attention which sets out its responsibilities. These include:
- setting Group strategy and objectives;
- approving annual budgets, annual and half year reports, interim management statements and dividends;
- reviewing financial performance;
- Board changes;
- approving material acquisitions, disposals and contracts;
- ensuring the effectiveness of the Company's system of internal controls including managing risks;
- approval of health, safety and environmental policies; and
- setting the Company's values and standards including approval of the Group's Code of Ethics.
The Board delegates the management of the business and day-to-day operational decisions to executives and is responsible for monitoring their performance.