Corporate Governance

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Delegation by the Board

(Extracted from the Corporate Governance Report contained in the Company's 2015/16 Annual Report dated 8 September 2016)

The Board directs and approves the Group’s overall strategies. Given the diversity and volume of the Group’s businesses, responsibilities for execution and daily operations are delegated to management. The Board gives clear directions as to management’s power, and periodically reviews the delegations to management to ensure that they are appropriate and continue to be beneficial to the Group as a whole.

The Board has delegated specific roles and responsibilities to the Executive, Remuneration, Nomination, and Audit and Risk Management Committees. All the Committees have specific terms of reference clearly defining their powers and responsibilities, and they are required by their terms of reference to report to the Board in relation to their decisions, findings or recommendations, and in certain specific situations, to seek the Board’s approval before taking any action. Meetings of the Committees are convened as often as necessary and some decisions of the Committees are made by way of passing written resolutions.

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