We believe all our Directors must act in good faith to promote long-term success. As a unitary Board, our Directors share equal responsibility for all decisions taken, with Directors collectively responsible for the strategic direction of the Company.

Our Board has been structured to ensure that no single individual can dominate decision-making processes and we believe all Directors are able to work together in an atmosphere of openness, trust and mutual respect.

We have a premium listing on the London Stock Exchange and comply with the full provisions of the 2016 UK Corporate Governance Code (UK Code).

During 2018, the Board discussed the new requirements set out in the 2018 UK Corporate Governance Code (new UK Code), which became effective for financial years beginning from 1 January 2019, and consideration has been given to what improvements can be put in place to enhance our governance and internal controls frameworks.

As we enter a new reporting framework under the new UK Code, the Board will remain committed to continuous improvement in governance. We will continue to monitor developments in best practice, giving specific focus to compliance, cyber-security, health and safety, and sustainability matters.

The UK Code sets out the main principles of good governance in relation to leadership, effectiveness, accountability, remuneration and relations with shareholders, with responsibility for compliance resting with the Board. We have applied these to develop our Governance Framework which is illustrated below and described in more detail in our Governance report.

Committees

Our Board is assisted by four committees - the Audit, Compliance and Ethics, Nominations and Remuneration committees