Board’s Management Objectives

What are the Board’s management objectives?

Entrepreneurial management

There is a vision of what the Company is trying to achieve, over what period and an understanding of what is required to achieve this ambition. A dialogue exists between shareholders and the Board, with the aim that the Board understands shareholders’ objectives and the shareholders understand the Company’s constraints.

Efficient management

The mechanisms by which important decisions are taken are transparent. It is clear where the responsibility lies for the management of the Company and for the achievement of key tasks. Procedures are in place to protect significant tangible and intangible assets and these are regularly reviewed and updated.

Effective management

The Board has the appropriate skills available to it in order to make the key decisions expected of it. The composition of the Board and the skills mix are regularly reviewed.

The Board is provided with appropriate information on which to constructively challenge recommendations made to it before making its decisions, including regular management and financial information. The collective responsibility of the Board requires all Directors to be involved in the process of arriving at significant decisions and there is a formal schedule of matters reserved for their decision. The formal schedule of matters reserved for the Board includes strategy, the approval of financial statements and shareholder circulars, treasury policy, major capital investments, risk management strategy and acquisitions and disposals.

Ethical management

Behaving ethically, both in the company’s decisions and through the actions of our employees, is a must for the Group. Our continued success depends on earning and keeping the trust of and on preserving our reputation in the eyes of those we deal with – including clients, contractors, employees, business partners and the broader community.