Currently the Board comprises the Chairman, two executive directors and three non-executive directors.
The Board are given access to independent professional advice, at the Group’s expense, when the Board deem it necessary in order for them to carry out their responsibilities.
The Board holds regular, scheduled meetings and informal meetings as required. There were twelve Board meetings in the year (thirteen in 2014), which includes regular site visits.
New Non-Executive Directors are provided with an induction programme to familiarise them with the Group. The Non-Executive Directors have met separately several times during the year.
The Board has agreed a schedule of matters reserved specifically for its decision which include:
- Overall strategy and objectives
- Approving interim and financial statements
- Approving annual budget and medium term projections
- Reviewing operational and financial performance
- Acquisitions and disposals
- Major divestments and capital expenditure
- Reviewing the Group’s systems and capital expenditure
- Reviewing the environmental and health and safety performance of the Group
- Approving appointments to the Board including the Company Secretary
- Approving policies proposed by the Remuneration Committee relating to Directors’ remuneration and the severance of Directors’ contracts; and
- Ensuring that a satisfactory dialogue takes place with shareholders
Regular reports and papers are circulated to the Board in a timely manner in preparation for the Board Meetings. These papers are supplemented by information specifically requested by the Board from time to time. The Board also receive monthly management accounts and regular management reports and information that enable them to review the Group’s and management’s performance against agreed objectives.
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