Board evaluation

The board has begun a process of evaluating itself. Board evaluation is being conducted internally, led by the chairman and supported by the company secretary. Its design draws on an independent framework.

A detailed questionnaire is being compiled from a database of relevant questions provided by an independent supplier, Evalu8, whose QCA Code compliance checklist was developed in partnership with the QCA itself. Questionnaires, tailored for main board, audit committee and remuneration committee members will be returned anonymously and the responses aggregated into a report for discussion by the full board, led by the chairman, before 31 March 2019. The report will cover conduct of meetings, skills, resources, scope and decision making, as well directly addressing strategy, the management of risk, the system of financial control and communication with shareholders.

Based on a report of the evaluation, the board will decide whether any further action should be taken. The chairman intends to conduct board evaluation as the situation demands, but at least every two years.