The Board is committed to maintaining high standards of corporate governance and we support and apply the principles of good governance advocated by the UK Corporate Governance Code (the Code). The Board works with honesty and integrity which it considers is vital to building a sustainable business for all of our stakeholders.
The Board believes that implementing a robust governance and corporate social responsibility framework in which appropriate management structures, processes and safeguards are adopted and are transparently communicated to shareholders is essential in aiding sustainable long-term economic performance.
During the year the Board considered a number of best practice provisions which would benefit the Group and as
a result adopted and implemented certain provisions of the Code intended for larger companies such as the annual re-election of its Directors and the undertaking of an externally facilitated evaluation of the Board and its Committees.
It is the Board’s view that the Group has been fully compliant with the Code throughout the year ended
31 March 2012. The application of the principles contained in the Code is described below.