Management
The Board currently comprises 10 Directors, of whom seven, including the Chairman, are non-executive. In addition, Duncan Magrath was appointed an executive Director from 31 March 2008. The Directors believe that the Board continues to include an appropriate balance of skills and, with them, the ability to provide effective leadership for the Group.
Throughout 2007 and as at the date of this report, the Chairman was Sir David John, the Chief Executive was Ian Tyler and the senior independent Director was Robert Walvis. Sir David John continued as chairman of each of the Nomination Committee and the Business Practices Committee. Robert Walvis continued as chairman of the Remuneration Committee and Steven Marshall continued as chairman of the Audit Committee throughout the year, and each remains chairman as indicated.
As stated in the announcement made on 19 February 2008, Anthony Rabin was appointed Deputy Chief Executive with effect from 31 March 2008 and Duncan Magrath was appointed Finance Director with effect from the same date. As stated in the further announcement made on 26 February 2008, Sir David John is retiring as Chairman and from the Company after the AGM on 15 May 2008, and will be succeeded as Chairman by Steven Marshall.
The Board operates both formally, through Board and Board Committee meetings, and informally through regular contact between Directors as required. Decisions on a list of specific matters, including the approval of financial statements, major tenders and capital expenditure, and most acquisitions and disposals, are reserved to the Board or Board Committees. Matters falling outside the list are delegated to management. The list of these reserved matters is reviewed by the Board from time to time, most recently in December 2006.
Full details of Board meetings and procedures can be read in our 2007 Annual Report and Accounts p 10-15.
