Corporate Governance Report

The Board believes that good corporate governance contributes to improved Company performance by ensuring that there is a clearly defined framework of roles, responsibilities and delegated duties. These support the Board’s aim to deliver stability and growth for the benefit of customers, employees and shareholders.

This report explains how the Board applied the principles of the Combined Code on Corporate Governance during 2009.

Board committees

Audit Committee

Remuneration Committee

Nominations Committee

Corporate Responsibility Committee

Executive Committee

The members of the Executive Committee are the Executive Directors and those key senior managers whose biographical details are set out on the Board of Directors and Executive team page. Sam Laidlaw is Chairman of the Committee.

The Committee is responsible for the day-to-day management of the Group’s operations within the limits set out in the Group’s delegation of authority, which was reviewed and approved by the Board during the year. The Committee also has a schedule of matters specifically reserved for its approval.

The Committee has delegated certain tasks to the sub-committees below and receives regular updates from each one:

  • Group Risk Management Committee;
  • Group Financial Risk Management Committee;
  • Health, Safety and Environment Committee; and
  • Investment Sub-Committee.

Disclosure Committee