Governance & Assurance 

High standards of Governance

The Board of Directors and the Executive Committee are committed to maintaining high standards of governance across the Charles Taylor Group and have adopted a robust governance framework as a demonstration of this commitment. The governance framework is reflective of a private equity funded business, and clearly defines delegated authorities and operational governance for ease of application and consistency across Charles Taylor.

Section 172(1) Statements

The directors are cognisant of their duty to promote the success of the company in accordance with s172(1) of the Companies Act 2006.  The directors act in good faith in a way that they consider to be most likely to promote the success of the company for the benefit of its shareholders.  In doing so they have regard, amongst other matters, to the:

• likely consequences of any decisions in the long term;
• interests of the company’s employees;
• need to foster the company’s business relationships with suppliers, customers and others;
• impact of the company’s operations on the community and environment;
• desirability of the company maintaining a reputation for high standards of business conduct; and
• need to act fairly as between members of the company.

In discharging their s172(1) duties, the directors have regard to the factors set out above, as well as other factors relevant to the decisions being made, which include the views of the authorities and other regulatory bodies.  The directors recognise that balancing the range of views and interests may not always lead to the desired results for all stakeholders.  By taking into account the strategic priorities and values of the Group, the directors aim to ensure that their decisions are made to promote the long-term success of the company.

The Section 172(1) statement for all qualifying subsidiary companies within the Charles Taylor Group is available below:

• Charles Taylor Group

The Board’s review of the system of risk management and internal controls

The Board oversees a continuous process to review and enhance the Group's risk management and internal controls process. This involves the Board reviewing the Principal Risks impacting the Group and the suitability and effectiveness of the controls and actions in place to mitigate those risks. The implementation and day-to-day operation of those controls and actions is overseen by the Executive Committee and the senior management teams of the various Charles Taylor business units and central functions. The effectiveness of the controls and mitigating actions are monitored by the Group Compliance function and subject to period testing by the Group Internal Audit function, both of which report on their effectiveness to the senior management and ultimately the Board. The Board is satisfied the system of risk management and internal control is effective, whilst recognising the need for ongoing and continuous improvement. We have confidence in the work of internal audit and the functional assurance teams, alongside our management teams, to identify issues that arise and where necessary remediate any gaps in controls in line with our risk appetite.