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Compliance

Internal control and risk management

The Board has overall responsibility for the Group’s system of internal controls and for reviewing its effectiveness. The internal control systems are designed to meet the particular needs of the Group and to manage rather than eliminate the risk of failure to achieve business objectives. Such systems can only provide reasonable and not absolute assurance against material misstatement or loss.

The Board is responsible for identifying and evaluating the major business risks faced by the Company and for determining and monitoring the appropriate course of action to manage these risks. An Internal Audit function reviews the Company’s internal control processes and risk management systems and reports its conclusions to the Board.


Budgetary process

Each year the Board reviews and approves the Group’s annual budget with key risk areas identified. The preparation of the annual budget is a multi-stage comprehensive process led by the Chief Financial Officer who works closely with local managers of operating subsidiaries.

Performance is monitored through the monthly reporting to the Board of variances from the budget. Relevant action is taken by the Board throughout the year based on updated forecasts which are prepared using current information on the key risk areas and sensitivities.


Investment appraisal

For each capital intensive project there is a rigorous project analysis and risk and return appraisal completed using technical, financial, commercial, and operational specialists across the Group. 


Whistleblowing

The Board reviews the arrangements by which employees and others can raise any concerns they may have about workplace fraud or mismanagement with local management on a confidential basis. Whistleblowing incidents are taken very seriously by the Board. 

As part of the Board’s commitment to support our employees in the workplace, we have a confidential process for reporting “Concerns at Work”. In addition, this service forms part of the Company’s commitment to comply with best practice under the UK Bribery Act. 

The Board is committed to ensuring that all employees have a safe, reliable, and confidential way of reporting any suspicious activity.


Communication with shareholders and other relevant stakeholders 

The Board is committed to communication with all shareholders so that shareholders’ views on the Group can be better understood and addressed as appropriate. 


Conflicts of Interest

The Company complies with the provisions on conflicts of interest in the Companies Act 2006.