Corporate Governance
It is the Company’s policy to comply in full with the provisions of the Combined Code on Corporate Governance ("the Combined Code").
The Board
The Board of Directors of the Company (“the Board”) meets regularly throughout the year, reflecting the Company’s business cycle, to review operational matters. Further meetings are held to consider corporate strategy and financial planning. In addition, arrangements are made for Board members to inspect the Group’s properties and discuss specific projects. The Board considers the following:
• Operational progress, current activities and plans for ongoing investment and asset management. In doing so, the Board will scrutinise the Group’s management accounts and cash flow projections, reports on current market conditions and outlook and proposals for the investment programme. All activities and results are monitored against operational plans.
• Reports and recommendations of the Audit, Remuneration and Nominations Committees.
• Periodic reports and presentations on current conditions and prospects for the UK economy and property market.
Matters specifically reserved for the attention of the Board include:
• the approval of financial statements, dividends and significant changes in accounting policy;
• Monitoring operational and financial progress;
• Stock Exchange related issues including the approval of communications to the Stock Exchange and communications with shareholders;
• Group strategy, corporate activity and the investor relations programme;
• financial matters including the approval of the budget and financial plans, changes to the Group’s capital structure and capital expenditure, investment finance facilities, performance against banking covenants; and
• health and safety policy, risk management and regulatory compliance.
In addition to the regular programme of Board meetings, the Chairman meets separately with the non-executive directors.