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:
Approval of the Group’s strategic plan, oversight of the Group’s operations and review of performance in the light of the Group’s strategy, objectives, business plans and budgets, and ensuring that any necessary corrective action is taken;
- Risk oversight;
- Culture and succession planning;
- Acquisitions, disposals and other transactions outside delegated limits;
- Financial reporting and controls, including approval of the half-year results, interim management statements and full-year 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;
- Ensuring the annual report and financial statements presents a fair balanced and understandable assessment of the Group’s position and prospects; • Assessment of viability of the Group and ability to continue as a going concern;
- 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 the 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; and
- Key business policies, including approval of the remuneration and treasury policies.