Whilst Board oversight is always maintained, some key decisions are made by individuals with the most appropriate knowledge and industry experience. Each Board member has a clear understanding of their accountability and responsibilities. The Board has a programme of monthly main meetings every year which include strategic planning. Other meetings are arranged on a periodic basis that will involve other Senior Managers within the Company. The Board’s key areas of attention are detailed in the Annual Strategic Report. All individuals must declare any potential conflicts of interest and these declarations are collated and monitored by the Company Secretary. Where there are potential conflicts, appropriate safeguards are implemented. Significant decisions and issues are communicated through to KPS who assist with such matters as financial reporting, risk, succession and remuneration.
The Board receives regular information on all key aspects of the business including health, safety and environment, market conditions, financial performance and operational matters. Key financial information is collated from PYL’s accounting system, with the finance department appropriately resourced and skilled to ensure the integrity of the data. Financial information is currently externally audited by PricewaterhouseCoopers LLP on an annual basis. Other key information is prepared by the relevant internal function.
