The Board
The Company is managed by the Board of Directors, which comprises seven members who meet regularly during the year. The Board has an established schedule of matters reserved for their specific approval, which include responsibility for the overall Group strategy, acquisition and divestment policy, approval of major capital expenditure and consideration of significant financial matters. The Board also reviews the strategic direction of the Company and its individual operating subsidiaries, their annual budgets, their progress towards achievement of these budgets and their capital expenditure programmes.
The Executive Chairman is responsible for supervising and directing the Board in setting and directing the Group's strategy, ensuring its effective control of the Group's businesses and monitoring the achievement of objectives and best practice. The Managing Director's role is to manage the Company on the Board's behalf.
All Board members have access, at all times, to sufficient information about the business to enable them to discharge their duties fully. Also, procedures exist covering the circumstances under which the directors may need to obtain independent professional advice.
The performance of each director is appraised by the relevant other directors on a formal basis at least once per calendar year.