The Board is committed to achieving high standards of corporate governance. On 30 March 2018, the London Stock Exchange issued the revised ‘AIM Rules for Companies’ that required companies with shares admitted to trading on AIM to adopt a recognised corporate governance code. As an AIM listed company, WYG has adopted the UK Corporate Governance Code published by the Financial Reporting Council in 2016. The Board is not required to comply with all requirements of the UK Corporate Governance Code but is committed to principles of good corporate governance and continues to implement policies and procedures designed to comply with the Code so far as reasonably practicable for a public company of its size and complexity, in light of the risks and challenges it faces. We will provide annual updates on our compliance with the UK Corporate Governance Code in our annual report. The statement of Corporate Governance can be found on page 71 of the Annual Report & Accounts 2018.
WYG plc is subject to the UK City Code on Takeovers and Mergers. WYG plc is not listed on any other exchange or trading platforms.
The Board is collectively responsible to shareholders for the Group’s overall strategy and direction within a framework of controls which enables risk to be assessed and managed.
The Articles of Association require that any director appointed during the year shall hold office only until the next AGM when they will be subject to election. Thereafter directors are required to retire by rotation at intervals of not more than three years.
Audit & Risk Committee
This Committee is chaired by Neil Masom, non-executive director. The other members of the Committee are non-executive directors Jeremy Beeton and Marcia Marini. Executive Directors may also attend at the invitation of the chairman.
This Committee is chaired by Jeremy Beeton and comprises all the non-executive directors and the Chief Executive Officer.
This Committee is chaired by Marcia Marini and comprises all the non-executive directors. The Group HR Director may also attend at the invitation of the chairman.
WYG has clearly articulated Commercial Development and Operating Process (CDOP) which is a framework for decision making and project management. We believe that a robust CDOP is essential for a professional services firm with multiple professional disciplines and markets such as ours, because it helps us to mitigate risk thereby creating sustainable profits and cash to reinvest in the business, to re-invest in our people and to create value for our shareholders.
The executive directors also comprise the Investment Committee. The purpose of the Investment Committee is to: