Our approach to good governance

We believe a sound governance framework protects and promotes the interests of all of our stakeholders and builds the foundation for trusted relationships and sound decision making. Good corporate governance is always at the forefront of what we do as a business and each year the Board undertakes a review of our corporate governance framework to ensure that our policies and procedures remain in line with best practice.

This year, we have continued to embed the revised delegated authority framework which was introduced last year and have formed a Corporate Governance Committee. This Committee is responsible for overseeing and monitoring the company’s existing corporate governance framework and ensuring compliance with the UK Corporate Governance Code while promoting the highest standards of corporate governance across the company. The Committee also monitors emerging corporate governance best practice. In its initial meetings, the Committee has so far spent time considering the findings and proposed actions resulting from the 2014 Board evaluation, non-executive director training and development plans and future succession planning for executive directors.

Transparent reporting is as much a part of good governance as our procedures and policies and we are committed to reporting on our governance as clearly and effectively as possible. Further details of our governance practices and our statement of compliance with the Code are set out in more detail on the following pages.