We integrate sustainability into our core business practices, working to create economic value for the Group while delivering ongoing benefits to all our stakeholders.
Through our robust corporate governance practices, we are able to conduct our business responsibly, providing attractive returns to our investors and actively contributing to the societies in which we operate.
OUR APPROACH TO CORPORATE GOVERNANCE
Corporate governance is embedded in the way we organize our business, with local boards and sub-committees taking responsibility for our operations in local jurisdictions. As a Board, we are committed to maintaining regular open dialogue and effective communication with all our shareholders, customers, employees, suppliers and local communities.
To maintain the best governance system, the Board remains committed to encouraging integrity and transparency at all levels across all aspects of the Group. We believe our governance framework and our company policies support effective decision-making that contributes to the success of the Group in the long term. We also continue to ensure the Board and its committees function effectively and that they provide strong and valuable contributions to our deliberations and that no individual or group dominates the Board’s decision-making process.
In 2018, we have continued to be mindful of our duties as Directors to manage the Group for the long-term benefit of all its stakeholders. We conduct ongoing formal and informal training in order that we remain appraised of all legislative and regulatory updates that affect how we conduct our business.
In July 2018 the FRC released the 2018 UK Corporate Governance Code (the ‘Code’). The Code is applicable to all companies with a premium listing, whether incorporated in the UK or elsewhere, and applies to accounting periods beginning on or after 1 January 2019. The new Code emphasizes the importance of businesses building trust by forging strong relationships with key stakeholders. It calls for companies to create a corporate culture that is aligned with the company purpose, business strategy, promotes integrity and values diversity.
The Directors welcome this update and the committees and our advisers have introduced a review process of our governance policies and terms of reference to ensure our practices and behaviors throughout the Group remain consistent with our current high standard of best governance practice.