Chairman's and Chief Executive's roles and responsibilities

Chairman

To lead the Board, set its agenda and manage its business and meetings effectively. This includes ensuring that the Board discharges its prime roles of setting strategy, determining risk appetite and monitoring performance;

  1. To ensure regular flows of accurate and relevant management information to enable the Board to make sound decisions and monitor business performance;
  2. To support and constructively challenge the Chief Executive, to foster effective relationships between executive and non-executive Board members, and to create a culture of open debate;
  3. To ensure that the Board undertakes a formal annual evaluation of its performance and that of its Committees and acts on the findings of the evaluation;
  4. To ensure the provision of appropriate induction for new directors and the regular update by all directors of the knowledge they require for their role;
  5. To ensure, with the support of the Nomination Committee, effective Board succession planning and to take the lead on the search process (except for the appointment of a successor to the Chairman which should be led by the Senior Independent Director); and
  6. To ensure that the Company maintains effective communications with shareholders and that the Board understands the views of shareholders and other key stakeholders.

Chief Executive

To lead the Executive Committee in developing business strategy, medium term plans and annual budgets for Board approval and in delivering against them;

  1. To run the business, supported by executive management, on a day to day basis and ensure that appropriate risk management systems and internal controls are in place;
  2. To report to the Board on the performance of the business and keep them advised on a continuing basis of any significant developments or potential impacts;
  3. To develop an effective relationship with the Chairman and to make the best use of the knowledge and experience of non-executive Board members;
  4. To develop, communicate and instil throughout the business a shared purpose, culture and set of business values;
  5. To build and maintain through development and succession planning an effective executive management team;
  6. To maintain in person and in conjunction with the Finance Director and investor relations team an effective dialogue with shareholders on the performance and strategy of the Company.