Throughout 2021, the board played a central role in ensuring that Glenveagh observed and remained committed to the highest standards of corporate governance and sustainable corporate behaviour.
On behalf of the board, I am pleased to present the corporate governance report for the year ended 31 December 2021.
Throughout 2021, the Covid-19 pandemic continued to pose challenges for our people and the way we operate as a business. The board played a central role in ensuring that Glenveagh observed and remained committed to the highest standards of corporate governance and sustainable corporate behaviour.
The committee continues to focus its efforts on assisting the board by proactively managing its core areas of responsibility: the integrity of the Group’s financial reporting, risk management and internal control and assurance processes.
During 2021, along with its normal work plan, the committee continued to monitor the impact of the Covid-19 pandemic across Glenveagh and carefully considered the implications for the remuneration of executive directors and others in the business.
The committee is responsible for regularly reviewing the structure, size and composition (including skills, experience and knowledge) of the board and other senior management positions and making recommendations to the board with regard to any proposed changes.
The committee focuses its efforts on assisting the board by proactively managing its core areas of responsibility: reviewing and monitoring the Group’s environmental and social responsibilities and targets, and ensuring compliance with the evolving regulatory disclosure landscape in respect of sustainability.
The board is responsible for setting and guiding the strategic direction of the Group, understanding the key risks faced by the Group, determining the risk appetite of the Group and ensuring that a robust internal control environment and risk management framework is in place. The board has overall responsibility for the management of the Group’s activities and is accountable to shareholders for creating and sustaining shareholder value and for the long-term success of the Group.