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Corporate Governance

The Directors support high standards of corporate governance. Following Admission, the Company intends to comply with the UK Corporate Governance Code.

The UK Corporate Governance Code recommends that at least half the board of directors of a UK-listed company, excluding the Chairman, should comprise Non-executive Directors determined by the board to be independent in character and judgement and free from relationships or circumstances which may affect, or could appear to affect, the director’s judgement. The Board consists of the Chairman, one Executive Director (Group CEO) and seven Non-executive Directors, of whom four are considered by the Board to be independent. The Company regards this as an appropriate Board structure, which complies with the requirements of the UK Corporate Governance Code.

As envisaged by the UK Corporate Governance Code, the Board has established three committees: an audit and risk committee, a nomination committee and a remuneration committee. Beyond that, the Board has established a safety and sustainability committee to address the matters relating to safety, health, environment, and social responsibility. The Board may set up additional committees as it deems appropriate in future.

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