Governance framework
The Company’s corporate governance framework, and its core component parts, are explained below:
ShareholdersThe owners of the Company to whom the Board is ultimately responsible. The Articles of Association are the contract between the Shareholders and the Company. Articles of Association |
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ChairmanResponsible for the leadership of the Board and ensuring that it operates effectively. |
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BoardCollectively responsible to the company’s shareholders for the long-term sustainable success of the company, by providing effective leadership, establishing the company’s Purpose and Values and monitoring its culture, setting the company’s strategy and overseeing its delivery within a framework of internal controls, setting the company’s risk appetite and reviewing its principal and emerging risks and taking other decisions reserved to it. Board members act for the benefit of shareholders while taking into account the interests of a range of other stakeholders and other factors in accordance with their duties, including under section 172(1) of the Companies Act 2006. Information about each of the members of the Board can be found on our Leadership page. |
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Board CommitteesCommittees operate under the delegated authority of the Board and within formal terms of reference. Their key responsibilities are set out below:
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Board Executive CommitteeA Committee comprised of the Group Chief Executive Officer and Group Chief Financial Officer operating under the delegated authority of the Board and within formal terms of reference. It acts to review and approve various executive matters, including bids and contracts, acquisitions and disposals, financing arrangements, and capital and operating expenditure below the levels reserved to the Board. |
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Group Executive CommitteeAn advisory and reporting body to the Group Chief Executive Officer comprised of divisional management and Group heads of function. It acts to review and oversee the safety, operational and financial performance of the Group and discuss, formulate and approve proposals for onward consideration by the Board or its committees. |