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Our Governance

 
 
 
 

Corporate governance and how it supports the delivery of the Group’s strategic objectives

The purpose of corporate governance is to facilitate effective, entrepreneurial and prudent management that promotes the long-term success of the Company and generates value for shareholders and contributes to all our stakeholders whether customers, suppliers, employees, the government or wider society.

The Board of directors is responsible for the governance of the Group. The responsibilities of the Board include setting the Group’s purpose, values and strategy, providing the leadership to put them into effect, supervising the management of the business, monitoring performance and reporting to shareholders on their stewardship.

The Board supports the principles laid down by the new UK Governance Code 2018 (the Governance Code) as issued by the Financial Reporting Council, which applies to accounting periods beginning on or after 1 January 2019 (available at www.frc.org.uk).

Purpose, values and culture

One of the Board’s responsibilities is to assess and monitor culture to ensure it is aligned with the Group’s strategy. Over the last few years, significant progress has been made in embedding the Group’s purpose and values across the business, increasing investment in communication and engagement with colleagues, and up-weighting training in areas such as leadership and Inclusion and Diversity.

Progress is monitored via Group-wide colleague surveys, site visits by the Board, issues raised in whistleblowing helpline calls, colleague retention levels and with the appointment of Helen Jones as our Workforce Engagement NED.

The Board most recently reviewed the Group’s purpose, values, strategy and culture as part of the review and approval of the Group’s five-year strategic plan in April 2021. Updates are also provided on periodic engagement surveys, regular HR updates and through the work of the Workforce Engagement NED. The Board’s effectiveness in monitoring the culture and behaviours throughout the organisation was also considered as part of this year’s internal Board evaluation and rated positively.

Workforce NED

During the year, Helen Jones took over from Pam Powell as the Board’s Workforce Engagement NED. The purpose of this role is to enhance effective engagement with the workforce, enable the Board to be kept informed of the views of the workforce and ensure these views are taken into consideration as part of the Board’s decision-making process.