The Company's governance framework provides the foundation of the Board's leadership of the Group, in a changing and challenging environment
UK Corporate Governance Code
The Board understands that good corporate governance is an important element in helping to build a successful business in a sustainable manner. The UK Corporate Governance Code 2018, publicly available at www.frc.org.uk (the Code) applied to the Company for the year ended 31 December 2021. The latest corporate governance report explains how the Company has applied the Principles set out in the Code. During the year ended 31 December 2021, the Company has complied with the relevant provisions of the UK Corporate Governance Code 2018, except in two instances, where our approach has differed. Further details can be found in the Corporate Governance report.
The Board believes that increasing diversity at the Board level is important to achieve its strategic objectives, and to attract and retain the best people, as well as cultivating a culture of inclusion and diversity through clear tone from the top, with Board and Executive Committee championing diversity and inclusion in their own membership, and throughout the Group. Supported by the Nominations Committee, the Chairman monitors the composition of the Board to ensure that it is made up of an appropriate mix of skills, experience and knowledge required to effectively oversee and support the management of the Group and the delivery of the strategy, having regard to the interests of the Group’s stakeholders – shareholders, customers and suppliers, employees, the environment and local communities. When considering candidates for the Board, the Nominations Committee, on behalf of the Board, takes into account factors such as: professional experience, skills, education, international and industry knowledge, social mobility, disability, age, ethnicity and gender.