Board of Directors
The Board
The Board has collective responsibility to the Group’s shareholders and is accountable to them for creating long-term value and safeguarding their interests by establishing a robust governance framework which is applied to all aspects of its business.
The Board is collectively responsible for the performance of the Group. The Board discusses and agrees strategic plans and reviews budgets, business plans and business performance.
The Board has a formal schedule of matters reserved for its approval. The Board has ultimate responsibility for the Group’s:
- overall business and financial strategy;
- overall management of its operations;
- risk management;
- major investment proposals;
- significant capital projects; and
- disposals and acquisitions of more than £2m.
Other day-to-day operational decisions are delegated by the Board to the Executive Committee.
The Chairman promotes open discussion among the Board members and encourages the NEDs to constructively challenge strategic and other business related debate in order to ensure that the decisions adopted by the Board have been vigorously tested.
To assist the Board in effectively discharging its duties, Directors receive relevant supporting information, which include but is not limited to the Group’s financial results, performance reports and risk assessment reports. The governance framework implemented by the Group ensures that open communication channels exist between the Board, its principal committees and from within the organisation. Copies of committee minutes are distributed to all Directors. Furthermore, the Board routinely considers environmental, ethical and reputational issues in order to ensure that they are fully reflected in the risk management process.
Key activities during the year
During the past financial year, the Board has met for scheduled Board meetings 11 times. Key matters reserved for the Board include:
- reviewing performance and implementation of the strategy by the Executive Committee;
- setting and monitoring of strategy, including the dividend policy;
- reviewing the Group’s property valuation;
- considering additional financial resources for the purpose of accelerating the redevelopment programme across the Group’s property portfolio;
- approval of redevelopment activity;
- quarterly, half year and annual reporting to shareholders;
- review of the Group’s risk and related controls;
- Board appointments; and
- corporate governance matters and external Board evaluation.
Background and Experience of the Board
The Board currently has six Directors that bring considerable and diverse experience which enables them to make a valuable contribution to the Group.
The following table illustrates the collective business experience held by Board Directors, outside that acquired at Workspace Group PLC:
The Board is actively considering diversity and believes this to be an important factor when considering appointments to the Board. As part of the recruitment process, the composition of the Board will be kept under review to ensure the best balance of skills and experience is maintained.