Board Composition

Effective board composition requires an effective chair and a balance of skills, backgrounds, experience and knowledge, with individual directors having sufficient capacity to make a valuable contribution. The size of a board should be guided by the scale and complexity of the company.

The Company is owned by a number of different private equity funds, each of these funds nominate a representative that sits as a Board Director of the Parent Company of PYL; Princess Yachts (Holdings) Limited (the “Parent Company”). The Executive Chairman & CEO and General Counsel both also sit on the Board of that company. The structure of the Parent Company’s Board ensures that the Parent Company effectively acts as a supervisory board and ensures that the balance of responsibilities, accountabilities and decision making across PYL are effectively maintained. The Shareholder representatives play a pivotal role in creating the conditions for overall Board and individual Director effectiveness. They also bring experience in a variety of areas, in addition to perspectives and challenges from outside the sectors in which PYL operate.

The Board of PYL comprises, an Executive Chairman & CEO, Chief Financial Officer, General Counsel and Executive Director External Affairs, Executive Director Operations, Executive Director Sales & Marketing, Executive Director Development & Aftersales and Executive Director HR (the “Directors”). This size and composition are appropriate to our moderately sized yet focused business. It is acknowledged that there is a relative lack of diversity on the Board and recognise that this is a challenge across the marine sector as a whole. However, there is a commitment to making PYL an increasingly inclusive environment. The Directors have equal voting rights when making decisions. All Directors have access to the advice and services of the Company Secretary and may, if they wish, take professional advice at PYL’s expense.

A biography for each Board Director can be found on the PYL website.

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The Board last undertook a strategic review facilitated by an independent external adviser in 2021. All Directors were encouraged to share their thoughts, observations and instincts for the benefit of all. Directors also update their skills, knowledge and understanding of PYL by meeting with senior management, visiting production operations and sector events (such as visits to boat shows) and by attending appropriate external seminars and training courses.

Between externally facilitated assessments the Board has conducted informal self-assessments to consider progress and success in the execution of the action plans agreed under formal review. The Board considers effectiveness assessments important in the identification of key areas for future improvements, focus and for strengthening its overall performance. Directors are encouraged and supported to continue their development and broaden their experience with external organisations when work commitments permit.