The Board of Directors is responsible for the success of the Group, but given the size and complexity of its operations the day-to-day operations of the Group are managed on a delegated basis by the Group Managing Director and the senior executives working with him.
A detailed description of the formal schedule of matters reserved for the Board is set out below:-
Key matters reserved to the Board
- Group strategy and business plans, including responsibility for the overall leadership of the Group.
- Approval of the Group’s strategic plan, oversight of the Group’s operations and review of performance in the light of our strategy, objectives, business plans and budgets, and ensuring that any necessary corrective action is taken.
- Acquisitions, disposals and other transactions outside delegated limits.
- Financial reporting and controls, including approval of the half-yearly report, interim management statements and preliminary announcement of the final results, approval of the annual report and financial statements, approval of any significant changes in accounting policies or practices, and ensuring maintenance of appropriate internal control and risk management systems.
- Capital expenditure, including the annual approval of the capital expenditure budgets and any material changes to them in line with the Group wide policy on capital expenditure.
- Dividend policy, including the annual review of our dividend policy and declaration of the interim dividend and recommendation of the final dividend.
- Appointment of Directors.
- Shareholder documentation, including approval of resolutions and corresponding documentation to be put to shareholders and approval of all press releases concerning matters decided by the Board.
- Key business policies, including approval of the remuneration and treasury policies.