Our approach to governance is underpinned by our values of
integrity, respect, accountability and pushing beyond
Our approach to Corporate Governance
The Board of Directors as a whole is responsible to the
Company's shareholders for corporate governance and is committed to
achieving high standards in this area through an appropriate mix of
checks and balances. This takes due account of the UK Corporate
Governance Code and other external expectations, such as the
guidelines issued by institutional investors and their
During 2010, we have rolled out our new Group Operating Model,
which seeks to clarify and enhance our governance processes within
the context of a strategic controller model of oversight of our
various operations around the world. This has replaced the more
decentralised system of governance under which the Group previously
operated and establishes clear principles of delegation and
escalation that are designed to provide appropriate levels of
assurance about the control environment, while retaining
flexibility for our businesses to operate efficiently.
Our approach to governance is underpinned by the Group's values
of integrity, respect, accountability and pushing beyond
How our approach to governance is guided by our
||We require integrity of the Group's
businesses in all their activities, including the way in which
their boards of directors operate and report upwards.
||Respect is reflected in the dynamics
between the centre and the operating units and the manner in which
problems, when they do arise, are dealt with.
||Accountability lies at the heart of
all good governance systems and is vital for the prompt escalation
of matters and how they are then addressed.
|Pushing beyond boundries
||We aim to empower our operating units to push beyond boundaries
and to be responsive and innovative to serve customers' needs
without entangling them in unnecessary red tape.