Board Performance Evaluation

The performance evaluation process was undertaken in early 2019 based on a questionnaire which included questions about Board administration, the role of the Chairman, strategy, risk oversight, succession planning and the Board committee structure. The questionnaire was completed by all Board members. A report on the outcome of the evaluation exercise was prepared by the Company Secretary and was presented to the Board at its March 2019 meeting.

The report concluded from the feedback to their questionnaire that we operated an extremely unified, highly functional Board. The evaluation recognised the need to continue the progress made to date in certain key areas such as people development and strategy.

The Chairman has evaluated the performance of individual Directors through informal discussions and observations. The Senior Independent Non-Executive Director and the other Non-Executive Directors have met, without the Chairman present, to appraise his performance.

Overall the Board considered the performance of each Director to be effective and concluded that both the Board and its committees continue to provide effective leadership and exert the required levels of governance and control. The Board will continue to review its procedures, effectiveness and development in the year ahead.

In accordance with the 2018 UK Corporate Governance Code a triennial externally facilitated Board evaluation will be undertaken later in 2019, in relation to which the Board will follow the recommendations of the Financial Reporting Council's Guidance on Board Effectiveness.