An Executive Committee, consisting of the Executive Directors and senior executives from the business, meets regularly to discuss strategy, operational and commercial matters affecting the business. The feedback from this committee is shared with the board.
The principal activities of the Board during the financial year were:
- Regularly discussing strategy at Board meetings throughout the year;
- Receiving presentations from operational management on future strategic opportunities; and
- Ensuring that the business is funded sufficiently to enable it to meet its ongoing obligations.
Governance and risk
- Tendering the external audit and selecting RSM as the new external auditors (supported by the Audit Committee);
- Reviewing the forecasts and other factors in support of the ongoing viability of the business;
- Reviewing Board and Committees’ effectiveness and Directors’ conflicts of interest;
- Reviewing terms of reference for all Committees;
- Reviewing Health and Safety and Risk updates;
- Reviewing the principal financial and non-financial risks, to which the Group is exposed (supported by the Audit Committee);
- Considering the implications of GDPR and Corporate Criminal Offences (CCO); and
- Overseeing the appointment of a new CEO and other key appointments (supported where appropriate by the Nominations Committee)
- Approving the Group’s tax strategy;
- Reviewing and approving the Group’s annual budget, interim results and Annual Report;
- Considering whether the Annual Report and Accounts are fair, balanced and understandable;
- Considering monthly operational reports from the Chief Executive, CFO, Technical, Engineering and Commercial Directors;
- Reviewing reports from the Chairs of the Audit, Nomination and Remuneration Committees; and
- Approving significant capital expenditure proposals.
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