Board Responsibilities
The board is responsible for the proper management of the group. A statement of the directors’ responsibilities in respect of the accounts and a statement on going concern are set out in the directors’ report in the Report & Accounts.
The Group operates on a highly devolved basis. Each principal operating business has its own board and an independent Chairman, and the group holding company is not represented on those boards. They are empowered to the greatest possible extent and given the fullest responsibility for achieving the true potential of their business.
The holding company takes a keen interest in the operating businesses and their success, providing encouragement and constructive challenge, in equal measure. It is also involved in risk management and financial/treasury management, taking the lead in areas such as funding and taxation as well as providing certain other support services.
The board has a formal schedule of matters specifically reserved to it for decision. This includes matters such as the approval of strategy and budgets, changes to capital or management structure, the appointment or removal of auditors and other principal advisers, the approval of or change to significant accounting policies, and the approval of acquisitions, disposals, capital expenditure, contracts and financial commitments above pre-defined thresholds. All the directors have access to the advice and services of the company secretary, who is responsible to the board for ensuring that board procedures are followed and that applicable rules and regulations are complied with. The appointment and removal of the company secretary is a matter for the board as a whole.