The Board is responsible for maintaining a strong and effective system of governance throughout the Group.
Our governance framework underpins our culture and values, with the Board committed to leading by example. It establishes a clear division of responsibilities for the Board and supports the development of good governance practices throughout the Group.
The Board Mandate was adopted by the Board to help articulate its purpose and accountabilities in delivering the Group’s strategy. The Board Mandate is an important reference point in Board deliberations, decision making, supporting Board effectiveness reviews and the induction of new Board members.
The Group operates a devolved management approach. Day-to-day management of the Group’s activities, governance and oversight is delegated to executive directors. They are supported in this role by a team of highly skilled senior managers who are empowered to operate our companies as autonomous business units.
The senior management team comprises individuals responsible for the key centralised Group functions and the managing directors in each operating company.
The executive directors meet with the senior management leadership team on a monthly basis, through local operating company Board meetings and Group executive team meetings. These more formal meetings are supported by a number of cross-business forums that serve to facilitate the sharing of knowledge, ideas and best practice. These meetings and forums are an essential part of the Group’s devolved management approach, facilitating quality discussion and decision making while also preserving the management and autonomy of local operations. We believe that this approach allows the right balance between local and Group initiatives and the sharing of best practice and expertise across the Group, while ensuring that collectively we can deliver more than operating independently.
To read more about the Group Executive Committee click here.
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 (the Code) which applied throughout the financial year ended 29 June 2019.
The Code is issued by the Financial Reporting Council (FRC) and is available for review on the FRC’s website: www.frc.org.uk.
The UK Corporate Governance Code issued by the FRC in July 2018 (the 2018 Code) will be applied by the Group during the 2020 financial year. We already comply with many of the changes introduced and excellent progress is being made where we need to enhance our governance practices.
To read more about how we prepared for the 2018 Code, click here.
To read the corporate governance report in full, click here.