Corporate Governance

The directors believe as a Board that their principal function is to deliver sustainable wealth to the Company's shareholders, within a framework of compliance with the principles of good corporate governance. The application of corporate governance procedures within the Company and the extent of compliance with the UK Corporate Governance Code (the"Code") is summarised below. A full copy of the Corporate Governance Report can be found here.

The Board

The Board currently comprises a non-executive chairman (John Standen), a chief executive officer (Don Kenny), a group finance director (Alan Merrell), a Senior Independent Director (Jan Åstrand) and a non-executive director (Andrew Wood).

The Board directors provide the Company with experience and knowledge from a range of industry, financial and commercial backgrounds. This combination of skills and experience assists the Board in any decision making process and in the development of business strategy. Biographical details of each director, including current directorships held in other companies, are detailed on the Directors Biographies page

Board balance, independence and commitment

The two non-executive directors constitute, excluding the Chairman, one half of the Board. The non-executive directors provide a strong and independent monitor on the performance of both the Company and its executive management.

The Board believes that the non-executive directors are independent within the guidance of the Code as they have not been previously employed by the Company, do not currently and have not had a material business relationship with the Company, are remunerated on a fixed fee basis, do not have close family ties with the Company's advisers, directors or senior employees, do not hold cross directorships with the other directors nor have other significant links with other directors, do not represent significant shareholders and have not served on the Board for more than nine years. Their backgrounds in industry and finance make them suitably qualified to perform their duties as members of the Board and as members of the Audit, and Remuneration and Nomination Committees.

The executive directors, Don Kenny and Alan Merrell, do not hold non-executive directorships outside of the Company. Neither the Chairman nor non-executive directors currently hold other roles that are considered to impair or conflict with their abilities to fulfill their duties to the Company.