High standards of governance underpin the culture and strategy of the Group.
The Board has a critical role in shaping a positive culture that supports the Group’s strategic objectives and promotes long-term sustainable strong performance . Governance practices are continually reviewed and developed to ensure ongoing compliance with regulatory and statutory requirements including the UK Corporate Governance Code ‘the Code’.
The Company complied with the UK Corporate Governance Code with the exception of provision 38, which the Company complied with in part. In compliance with provision 38 of the Code, only the basic salary of executive Directors is pensionable. As set out in the Directors’ Remuneration Policy, pension contributions (or salary supplement in lieu) for new executive Directors will, in compliance with the Code, be aligned with the majority of the wider UK workforce and, from the end of December 2022, the pension contributions (or salary supplement in lieu) paid to the incumbent executive Directors will be aligned with the wider workforce.
A copy of the Code can be found on the Financial Reporting Council’s website at www.frc.org.uk.
Download the Governance section of the 2021 Annual Report and Accounts