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 board has a formal schedule of matters specifically reserved to it for decision. This includes matters such as the approval of group 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 internal 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.
The board meets at regular intervals throughout the year, reviewing trading performance, ensuring adequate funding, setting and monitoring the implementation of strategy and examining acquisition possibilities. The non-executive directors have a particular responsibility to ensure that the strategies proposed by the executive directors are fully considered. In order to enable the board to discharge its duties, all the directors receive appropriate and timely information. The chairman ensures that the board takes independent professional advice as required.