The Board is responsible for setting the Group’s strategic aims, for ensuring that adequate resources are available to meet its objectives and for reviewing management performance.
formal list of matters reserved for the Board is maintained and reviewed
periodically. It includes decisions relating to strategy and management, structure
and capital, internal control and corporate governance, major contracts, certain
external communications and Board membership.
The full Board meets six times during the year, though extra meetings will be arranged if necessary. The Executive Committee, which consists of the executive Directors plus four of the Group’s senior managers, meet approximately once a month throughout the year.
A formal schedule 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 2015 together with the terms of reference of each committee are available to download 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.