Viva the BoD10 Jan 2019 19:44
Post 1 of 2
Graham Lyon Non-Executive Chairman 4 January 2019: ……‘The Company has adopted the (Financial Reporting Council’s) Quoted Corporate Alliance (QCA) code for corporate governance, this communicates the board's aim in "doing the right thing" for its shareholders and stakeholders in the medium to long term. ………….We look forward to another positive year for the Company………’
Here is some extracts from the updated latest version of the QCA code: July 2018
https://www.theqca.com/news/briefs/143736/new-qca-corporate-governance-code-released.thtml
‘The FRC’s mission is to promote transparency and integrity in business. The FRC sets the UK Corporate Governance and Stewardship Codes and UK standards for accounting and actuarial work; monitors and takes action to promote the quality of corporate reporting; and operates independent enforcement arrangements for accountants and actuaries. As the Competent Authority for audit in the UK the FRC sets auditing and ethical standards and monitors and enforces audit quality.’…… ‘To succeed in the long-term, directors and the companies they lead need to build and maintain successful relationships with a wide range of stakeholders. These relationships will be successful and enduring if they are based on respect, trust and mutual benefit. Accordingly, a company’s culture should promote integrity and openness, value diversity and be responsive to the views of shareholders and wider stakeholders.’…… ‘At the heart of this Code is an updated set of Principles that emphasise the value of good corporate governance to long-term sustainable success. By applying the Principles, following the more detailed Provisions and using the associated guidance, companies can demonstrate throughout their reporting how the governance of the company contributes to its longterm sustainable success and achieves wider objectives.’
PRINCIPLES: BOARD LEADERSHIP AND COMPANY PURPOSE
A. A successful company is led by an effective and entrepreneurial board, whose role is to promote the long-term sustainable success of the company, generating value for shareholders and contributing to wider society.
B. The board should establish the company’s purpose, values and strategy, and satisfy itself that these and its culture are aligned. All directors must act with integrity, lead by example and promote the desired culture.
C. The board should ensure that the necessary resources are in place for the company to meet its objectives and measure performance against them. The board should also establish a framework of prudent and effective controls, which enable risk to be assessed and managed.
D. In order for the company to meet its responsibilities to shareholders and stakeholders, the board should ensure effective engagement with, and encourage participation from, these parties.
E. The board should ensure that workforce policies and practices are consistent with the company’s values and support its long-term sustainable success.
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