The Board comprises the non-executive chairman, two executive directors and five further non-executive directors:
Biographies of the Directors can be found here.
The non-executive directors bring an independent view to the Board’s discussions and the development of the Company’s strategy. Their range of skills and experience ensures that the performance of management in achieving the business goals is appropriately challenged. They also ensure that financial controls and systems of risk management are both rigorous and appropriate for the needs of the business.
Draft terms of appointment can be found here.
Role of the Senior Independent Director
When the Board is undergoing a period of stress the role of the Senior Independent Director is likely to assume a greater degree of prominence. The Board should ensure it has a clear understanding of the circumstances in which the Senior Independent Director’s intervention might be required to maintain Board and Company stability and cohesion. These might include:
- Where there is a dispute between the Chair and CEO;
- Where Shareholders or Non-Executive Directors have expressed concerns that are not being addressed by the Chair or CEO;
- If the strategy being followed by the Chair and CEO is not supported by the full Board;
- Where the relationship between the Chair and CEO is particularly close and decisions are being made without the approval of the full Board; and
- Where Executive or Board succession planning is being ignored.