The Board of Directors comprises the Chairman, two Executive Directors and three independent Non-Executive Directors.

There is a clear division of responsibility at the head of the company. David Blackwood (Chairman) is responsible for running the Board and Jon Bunting (Chief Executive Officer) is responsible for managing the company’s businesses and implementing the strategy that has been agreed with the Board. The division of responsibilities between the Chairman and Chief Executive Officer has been set out in writing and agreed by the Board. The Board considers that it is of an appropriate size to oversee the company’s businesses, with a structure that ensures that no individual or group dominates the decision-making process.

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The Board is responsible for the overall strategy and performance and manages business requirements through a formal schedule of matters reserved for its decision. Such matters include:

• Overall strategic direction and management, including acquisitions and disposals.
• Approval of long-term objectives and commercial strategy.
• Approval of the annual operating and capital expenditure budgets.
• Approval of major capital expenditure.
• Approval of material agreements.
• Changes relating to the Company’s capital structure.
• Approval of the financial statements and accounts.
• Dividend and treasury policies.
• Control, audit and risk management.
• Remuneration of directors and senior managers.
• Corporate responsibility.