Open menu CORPORATE GOVERNANCE The Board is committed to maintaining high standards of corporate governance and ensuring values and behaviours are consistent across the business. The Board expects steady and continuous improvement in the Group’s governance procedures. COMPANY PURPOSE The Board has defined the Company’s purpose as “Porvair aims to develop specialist filtration, laboratory and environmental technologies for the benefit of all stakeholders.” Measures of success include consistent earnings per share growth and improvement in selected ESG metrics. Role of the Board Board of Directors Share capital The Audit Committee The Nomination Committee The Remuneration Committee More The Committee’s objectives The Committee’s remit is to set policies and levels of remuneration to encourage actions by management that are in the long term interests of the Company and its shareholders. The Remuneration Committee aims to provide remuneration packages that: are competitive, but not excessive; are designed to attract, retain and motivate managers of high quality to deliver growth for the business; are aligned with stakeholders’ interests; include an element of the potential reward linked to personal performance; and encourage the Executive Directors to accumulate shares in the Company. The Committee The Remuneration Committee recommends to the Board the framework or broad policy for the remuneration and long term incentive arrangements of the Company’s Executive Directors. The Committee also has an advisory role in relation to major changes in employee benefit structures throughout the Company and the Group. The Committee uses external published benchmark data to guide its deliberations. The remuneration of the Non-Executive Directors, including the Chairman, is set by the Executive Directors. The members of the Remuneration Committee are drawn solely from the independent Non-Executive Directors. The Remuneration Committee currently comprises all of the independent Non-Executive Directors of the Company. To be quorate at least two members of the Committee must attend. The Group Chief Executive may be invited to attend and speak at meetings of the Remuneration Committee but does not participate in any matter which impacts upon his own remuneration arrangements. The Remuneration Committee’s full terms of reference are available in this section RISK AND INTERNAL CONTROL Internal control Control environment Risk management Information and control systems Monitoring system Whistleblowing policy Consolidation process More The Board has overall responsibility for ensuring that the Group maintains a system of internal controls and for reviewing its effectiveness. The system is not designed to eliminate the risk that the Group’s objectives will not be achieved but to ensure that there is an ongoing process for identifying, evaluating and managing the significant risks. As with any such system, it can only provide reasonable, but not absolute, assurance against material misstatement or loss. The Group’s key procedures are as follows: S172 S172(1) Reporting General confirmation of Directors’ duties The Board’s approach to decision making The Board’s approach to stakeholder engagement COMPLIANCE WITH THE CODE The Board complies with all aspects of the 2018 UK Corporate Governance code. The 2018 UK Corporate Governance code has applied to the Group from 1 December 2019. STAY IN TOUCH Keep up to date on social media ANNUAL REPORT Read Porvair PLC latest report published March 20th 2021 Download OUR DIVISIONS Aerospace & Industrial Laboratory Metal Melt Quality EMAIL ALERTS Sign up to our newsletter Sign up PENSION SCHEME Pension Plan SIP Pension scheme engagement policy FOOTER Disclaimer Privacy Cookie Policy Accessibility Terms & Conditions Site Map Cookie Settings Copyright@2021