The Board of Derwent London is responsible for:

• Setting the Group’s strategy for delivering long term value to shareholders and other stakeholders and ensuring that adequate resources are available to meet its objectives.

• Providing effective challenge to management concerning the execution of the strategy.

• Monitoring management performance in delivering the strategy.

• Risk management including setting the Group’s risk appetite.

• Ensuring that an appropriate culture is agreed and conveyed throughout the Company.

A formal list of matters reserved for the Board is maintained which includes decisions relating to strategy, management and capital structure, internal control and corporate governance, major contracts, certain external communications and Board membership. The list is reviewed periodically.

The full Board met eight times during 2016 and six meetings are scheduled for 2017. One meeting every year is arranged specifically to consider the Group’s five year strategy. Extra meetings are arranged if necessary for the Board to properly discharge its duties.

The Executive Committee, which consists of the executive Directors plus five of the Group’s senior managers, met eleven times during the year.

A formal schedule, which has been approved by the Board, sets out the division of responsibilities between the Chairman, who is responsible for the effectiveness of the Board, and the Chief Executive Officer, who is responsible for the day-to-day operations of the business.

The Board maintains a number of Board Committees. Details of the membership and duties of the four principal committees that operated throughout 2016 together with the terms of reference of each committee are available to view here.

Taking all factors into account, the Directors believe that the Board has an appropriate balance of skills, experience, knowledge and independence to deliver the Group's strategy and to satisfy the requirements of good corporate governance.

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