The Board is collectively responsible for the long-term success of the Group. It provides entrepreneurial leadership, sets Group strategy, upholds the Group’s culture and values, reviews management performance and ensures that the Group’s obligations to shareholders are understood and met.

Control over the performance of the Group is maintained through evaluation of financial information; the monitoring of performance against key budgetary targets; and by monitoring the return on strategic investments.

The role of the Board

Reviews all strategic issues and key strategic decisions

Resposible for business operations and for ensuring that the necessary financial and human resources are in place to carry out the Group’s strategic aims

Provide an independent view of the Group’s business and to constructively challenge management and help develop proposals on strategy

Matters reserved for the Board

Certain matters are reserved for approval by the Board, these include:

• Strategy and business plans – including annual budget
• Acquisitions and disposals of businesses (including minority interests)
• Changes in share capital and dividends
• Board membership and Committees and delegation of authority
• Remuneration and employment benefits (for the Executive Directors)
• Corporate statutory reporting
• Appointment of auditors
• New debt facilities
• Major capital and revenue commitments
• Corporate governance, policy approval, internal control and risk management
• Certain litigation matters in line with the Joules litigation reporting policy
• Corporate social responsibilities