The FRC’s 2018 Guidance on Board Effectiveness is used as the basis of the Board’s performance evaluation. Input is sought from third parties, such as the auditors (who meet the Audit & Risk Committee at least biannually and, beyond the audit report, comment on the systems, procedures and efficacy of the management) and the nominated advisor.
The annual review of Board effectiveness undertaken by the Nomination Committee includes evaluating the performance of the Board collectively as well as individual directors, for whom we will also consider whether they remain independent. Director’s re-election will be considered by the shareholders at each AGM, at which shareholders have the opportunity as a body to approve or otherwise the appointment of each director.
The Remuneration Committee meets formally and is tasked with not only the remuneration of the Executive Directors but also evaluation of performance. To this end the Board is circulated with press comment and market feedback on the business as well as market share data and peer group analysis, where available.