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 encouraged and empowered to operate our subsidiary companies as autonomous business units.
The senior management team comprises the managing directors of each operating company, along with individuals responsible for the key centralised Group functions
The executive directors meet with the senior management team on a monthly basis, through local operating company board meetings and Group executive committee meetings. These more formal meetings are supported by several 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 within the Group’s core beliefs and attitudes. We believe that this approach encourages the right balance between local and Group initiatives and facilitates the sharing of best practice and expertise across the Group, while ensuring that we deliver more operating collectively than we would independently.
To read more about the Group Executive Committee click here.
Compliance with the UK Corporate Governance Code (the Code)
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 most recent edition of the Code was issued by the FRC in July 2018 and was applied by the Group for the 2020 financial year.
It is the view of the Board that The Go-Ahead Group plc substantially complies with the principles and provisions of the Code and they are working towards implementing Provision 36 of the Code, where a formal policy for post-employment shareholdings will be introduced in conjunction with the new remuneration policy vote at the 2021 AGM. More details will be included in next year's Annual Report and Accounts.
To read the corporate governance report in full, click here.