The Work of the Board

CORPORATE

The Work of the Board

The Board is collectively responsible for the long-term success of the Group, with the overarching aim of safeguarding shareholders’ interests. Its role is to provide entrepreneurial leadership of the Group within a framework of prudent and effective controls which enables risk to be assessed and managed. The Board sets the Group’s strategic aims, ensure that the necessary financial and human resources are in place for the Group to meet its objectives, and reviews management performance. It also sets the Group’s values and standards and ensures that its obligations to its shareholders (including reporting to shareholders on the Board’s stewardship) and others are understood and met.

Specific responsibilities reserved to the Board include:

  • Reviewing and approving Group strategy and determining the risks it is willing to take to achieve its strategic objectives;
  • Approving and annual budget and medium term projections;
  • Reviewing operational and financial performance;
  • Approving major acquisitions, divestments and capital expenditure;
  • Reviewing the Group’s systems of financial control and risk management;
  • Reviewing the activities of the sub-committees of the Founders Board;
  • Reviewing matters relating to corporate social responsibility, including the environmental, health & safety performance of the Group;
  • Approving appointments to the TMG Board, to the Founders Board and to the position of Company Secretary, and reviewing policies relating to Director’s remuneration and the severance of Directors’ contracts; and
  • Ensure that a satisfactory dialogue takes place with shareholders.

The Board meets formally at least 8 times usually with at least one meeting held face to face at a convenient location for all to attend. A 12 month rolling programme of items for discussion by the Board is prepared to ensure that all matters reserved to the Board and other key issues are considered at appropriate times.