The Board
The Board
Currently the Board comprises of a Non-Executive Chairman, two Executive Directors and two Non-Executive Directors. David Holland is the Senior Independent Director. The Non- Executive Chairman was appointed to the Board on 1 November 2007, whose appointment provided a further independent Non- Executive Director. The Chairman also chairs the Audit Committee as it is considered that he holds the most recent and relevant experience.
The Directors are given access to independent professional advice, at the Group’s expense, when the Directors deem it necessary in order for them to carry out their responsibilities. The Board holds regular meetings with currently 10 per annum and will meet more often as required.
The Board has agreed a schedule of matters reserved specifically for its decision which include:
- overall strategy and objectives;
- approving interim and financial statements;
- approving annual budget and medium term projections;
- reviewing operational and financial performance;
- acquisitions and disposals;
- major divestments and capital expenditure;
- reviewing the Group’s systems of financial control;
- reviewing the environmental and health and safety performance of the Group;
- approving appointments to the Board including the Company Secretary;
- approving polices proposed by the Remuneration Committee relating to Directors’ remuneration and the severance of Directors’ contracts;
- ensuring that a satisfactory dialogue takes place with shareholders.
Regular reports and papers are circulated to the Directors in a timely manner in preparation for the Board meetings. These papers are supplemented by information specifically requested by the Directors from time to time. The Directors also receive monthly management accounts and regular management reports and information that enables them to review the Group’s and management’s performance against agreed objectives.
