Sir Richard Broadbent

Sir Richard Broadbent, Chairman

Introduction from the Chairman

Our approach to governance begins with the recognition that it is not a set of rules but the framework supporting the core values which define what is and what is not acceptable. It is an expression of the way we want to conduct ourselves which informs actions and decisions whether or not there is a specific rule for the situation, and which supports the culture and behaviours that we wish to foster.

A governance framework requires appropriate processes to support it, which achieve a balance between prompting thoughtful judgement when required and not stifling commercial behaviour through delay, risk aversion or rigidity. Governance also requires the active and committed engagement of the Board and management.

Our aim is to ensure that the Group continues to benefit from structures and processes which support effective strategic debate and questioning; appropriate monitoring of performance; the capacity to formulate the right questions; and the strength to hold difficult questions on behalf of shareholders.

For further information on our approach to governance see the corporate governance section of the annual report.

Sir Richard Broadbent's signature

Sir Richard Broadbent