Corporate Governance and Social Responsibility
The Board of Directors supports the principles of corporate governance advocated by The Principles of Good Governance and Code of Best Practice (2003) (“The Combined Code”) issued by the Financial Services Authority. The Company has applied the principles of the Combined Code, on a voluntary basis, that it considers appropriate. Full details are available in our Annual Report and Accounts.
The Board
- IP Group is managed by a board of directors who meet regularly
- Each board member receives monthly management accounts
- The Company Secretary is responsible for ensuring that procedures, applicable rules and regulations are followed
- The Board retains overall responsibility for the Company while day to day management is conducted by the executive directors
- All directors are required to submit themselves for re-election by the shareholders at the Annual General Meeting following their first appointment and thereafter at least every three years
- At least one third of all the directors must submit themselves for re-election each year
Audit Committee
- The Audit Committee was established in October 2003
- It comprises Roger Brooke, Bruce Smith and Graham Richards
- The Audit Committee examines and reviews internal controls, accounting policies and practices, the form and context of financial reports and statements
- It makes recommendations to the Board regarding the performance of the auditors
- IP Group’s auditors and Chief Executive attend by invitation
Remuneration Committee
- The Remuneration Committee was established in October 2003 and meets as and when required
- It comprises Graham Richards, Bruce Smith and Roger Brooke
- The Company’s policy on executive remuneration and details of executive directors’ individual remuneration packages are fixed by the committee or the Board and set out in the Annual Report and Accounts
Nomination Committee
- The Nomination Committee was established in October 2003 and meets as and when required
- It considers the appointment of both executive and non-executive directors
- The Nomination Committee comprises Bruce Smith, David Norwood, Graham Richards and Roger Brooke
