Role of the Board

The Board is currently comprised of nine Directors, of whom seven, including the Group Chair, are non-executive.

The Directors believe that the Board continues to include an appropriate balance of skills experience, independence and knowledge of the Company, and retains the ability to provide effective leadership to the Group.

The Board is collectively responsible for the success of the Company and has a formal schedule of matters reserved for its decision, which includes:

• Determining the Group's strategic direction
• Approving annual budgets and financial reporting, including the annual and half-year results and interim management statements
• Approving interim, and recommending final, dividends
• Approving major acquisitions, disposals and capital expenditure
• Ensuring the necessary financial and human resources are in place to achieve objectives and review management performance
• Setting the Company's values and ethical standards
• Approving policies and systems for risk management and assurance

The full matters reserved for the Board can be found below.

Matters reserved for the Board