Annual Report and Accounts 2007/08

• Business & operating review
• Financial review
• Corporate social responsibility
• Corporate governance
  • Good governance and the Code of Best Practice
  • The Board of Directors
  • Board committees
  • Internal control
  • Appointment of auditors to non-audit engagements
  • Statement of Directors' responsibilities
  • Relations with shareholders
• Board of Directors

You are here: Home > Directors' report > Corporate governance > Good governance and the Code of Best Practice

Directors’ report

Corporate governance

Good governance and the Code of Best Practice

We are committed to high standards of corporate governance and responsiveness to stakeholder expectations. We take full account of the principles of good governance and in particular the Combined Code. We also try to comply, where possible, with best practice such as the various institutional guidelines. We have complied with the Combined Code (2006) throughout the year with the following exceptions:

• our Committee members are not regularly ‘refreshed’ (s.A3). The availability of Non-Executive members who can be regarded as wholly independent precludes regular changes in our Committee memberships. However, we monitor this element carefully and are currently satisfied that the calibre of the Committee members is such that they can cope with the demands currently made upon them
• Non-Executive Directors are not appointed for specific terms (s.A7.2). We consider that Non-Executive Directors should serve only for so long as they can make an effective contribution so we require that all Non-Executive Directors must stand for re-election at least once every three years.