Our governance framework
Our governance framework establishes a clear division of responsibilities for the Board and supports the development of good governance practices throughout our Group. More information can be found in our Annual Report.
A full description of the Board’s role, which includes the specific responsibilities reserved for the decision of the Board, are set out in the schedule of matters reserved for the Board.
The Board is responsible for balancing the interests of the Group, shareholders and other stakeholders by fostering an environment that creates long term growth, that is sustainable and profitable. Specific responsibilities include strategy and long term vision, performance, succession planning, compliance, risk and reputation management, social impact and ensuring a successful dialogue with our stakeholders. As the steward of corporate behaviour, the Board has a significant role in setting a tone that will positively impact on the Group’s culture.
Our devolved framework
Day-to-day management of the Group and the implementation of strategies agreed by the Board across the Group and operating companies have been delegated to the executive directors.
The executive directors meet with senior management in the Group and across our businesses both formally via monthly meetings and less formally on a regular basis. We believe that this devolved management structure enables the Group to be managed in a particularly effective way and allows the right balance between local and wider initiatives to deliver Group benefits. It also ensures the Board remains well informed about our operating companies, employees, passengers and stakeholders, enabling it to respond pro-actively to the changing dynamics of the business.
Compliance with the UK Corporate Governance Code
Go-Ahead complied in full with the provisions of the UK Corporate Governance Code published in April 2016 which applied throughout the financial year ended 1 July 2017. The Code is issued by the Financial Reporting Council (FRC) and is available for review on the FRC’s website: http://www.frc.org.uk