The Board is responsible for the long-term success and stewardship of the Company, overseeing its conduct and affairs to create sustainable value for the benefit of its Shareholders and other stakeholders including customers, suppliers, employees and the communities in which the business operates.
The Board delegates certain roles and responsibilities to its various committees and to senior management. The committees assist the Board by fulfilling their obligations and reporting back to the Board on the outcomes from their respective activities.
PRINCIPLES OF GOOD GOVERNANCE
The adoption and maintenance of good governance is the responsibility of the Board as a whole. The Board applies the principles of good governance and best practice as set out in the ‘Code’ which can be found on the Financial Reporting Council’s website www.frc.org.uk.
The Board is pleased to report that it has complied with the requirements of the 2018 UK Corporate Governance Code during the 52 weeks ended 28 March 2020 with the exception of the requirement that the Chairman should not remain in post beyond 9 years from appointment. The Board believes that it has the appropriate blend of skills, experience, independence and knowledge to support the business and will continue to ensure an optimal level of relevant skills, experience and diversity amongst its members, appropriate to support the future needs of the business. The Board considers the Chairman remaining in post is appropriate given his knowledge of the Group and experience of the sector. A further explanation of the Board's view is set out on page 56 of the 2020 Annual Report. The Remuneration Committee considered the alignment of Executive Director pension contributions with the workforce and post-employment shareholding requirements, further details of which are set out on page 77 of the 2020 Annual Report. The Board has reviewed the financial statements and, taken as a whole, considers them to be fair, balanced and understandable, providing sufficient and appropriate information for Shareholders to assess the Company’s position and performance, business model and strategy. The Audit Committee provided guidance to the Board to assist them in reaching this conclusion.