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The Board sets the Group’s strategy, ensuring that the necessary resources are in place to achieve the agreed strategic aims and objectives and determines the Company’s key policies and reviews management and financial performance. It is accountable to shareholders for the creation and delivery of strong, sustainable financial performance and long-term shareholder value. To achieve this, the Board directs and monitors the Group’s affairs within a framework of controls which enable risk to be assessed and managed effectively through clear procedures, lines of responsibility and delegated authorities. The Board also has responsibility for setting the Group’s core values and standards of business conduct and for ensuring that these, together with the Group’s obligations to its stakeholders, are widely understood throughout the Group.
The Board currently comprises a Chairman, Chief Executive Officer, four other Executive Directors and five independent non-executive Directors. Read the biographical details of the Board members.
The Directors are of the view that the Board and its Committees consist of Directors with an appropriate balance of skills, experience, independence and diversity of background to enable them to discharge their duties and responsibilities effectively.
The following changes in Board composition were made during the year. On 14 March 2012, Steve Lucas was appointed as a non-executive Director. On 16 May 2012 David Williams retired as a non-executive Director having been on the Board for six years. On 25 July 2012, Anne Drinkwater joined as a non-executive Director, and on 31 December 2012, Steve McTiernan retired as a non-executive Director having been on the Board for ten years.