Opportunity and Risk

A board should promote the long-term sustainable success of the company by identifying opportunities to create and preserve value, and establishing oversight for the identification and mitigation of risks.

Long term strategic opportunities have been reviewed by KPS and are continually reviewed during this initial period post acquisition. Short term opportunities to improve performance, resilience and liquidity are collated through regular reviews attended by members of the PYL Board and KPS representatives.

The PYL Strategic Report includes key risks that are monitored by the Board. The Company’s risk review process ensures inherent and emerging risks are identified and managed appropriately and in a timely manner whilst ensuring that there is a coherent approach to risk identification, classification and mitigation. It is imperative that the design of the Company’s systems and controls are such to enable management of, rather than elimination of, risk.

In order that the Board comply with their obligations to protect PYL’s integrity and long-term sustainability, is able to meet its strategic objectives and to create value for its shareholders, customers and suppliers, PYL has developed a set of processes and standards that, combined, provide an internal control framework that also includes our accreditations for ISO 45001, 14001 & 9001.

KPS have implemented a Grants of Authority allowing the Board to approve contracts within certain values. This ensures that the appropriate level of diligence is performed when understanding the obligations, risks and terms of the contract, and involves discussions with the Shareholders when appropriate.

The Company has adopted a broad and full strategy in order to tackle its responsibilities which fall into the Environmental, Social and Governance (ESG) umbrella. The extent of the work involved in this area is significant and full details are contained within the Company’s ESG report available on the website. The ESG committee continues to grow in its maturity and drive forward initiatives through the business.