BOARD PERFORMANCE EVALUATION

The performance evaluation process was undertaken in early 2022 based on a questionnaire that included questions about Board administration, the role of the Chairman, strategy, risk oversight, succession planning and the Board Committee structure. The Company’s auditors and remuneration consultants were also consulted in relation to the operation of the Audit Committee and Remuneration Committee respectively. The review was facilitated by the Company Secretary who is considered a suitable and independent person to conduct this process.

The questionnaire was completed by all Board members and the Chief Operating Officer. A report on the outcome of the evaluation exercise was prepared by the Company Secretary and was presented to the Board at its March 2022 meeting. The report concluded from the feedback to the questionnaire that Cranswick operated an extremely unified, highly functional Board, but recognised the need for greater focus on broader long-term strategic matters, development of executive succession planning and greater exposure to the Board of key executives in the Group. Actions being undertaken to address the outcomes of the evaluation include the Board undertaking a review of the Group’s 5 year strategic plan later this year and also undertaking a Succession Review with the assistance of external consultants with a view to producing a more structured succession plan. Since the relaxation of COVID-19 restrictions, members of the wider senior management team have attended Board meetings to present on various matters and a number of site visits and informal dinners have also been undertaken to facilitate exposure of the Non-Executive Directors to the Group’s wider management team.

The Chairman has evaluated the performance of individual Directors through structured 1:1 discussions. The Senior Independent Non-Executive Director has also evaluated the Chairman’s performance through discussions with the other Directors, Chief Operating Officer and Company Secretary, without the Chairman present. The Board considered that Tim Smith’s succession to Martin Davey as Chairman had been well handled and that he provided effective leadership of the Board and engagement with his fellow Directors. The Board also 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.