The Board is committed to ensuring that high standards of corporate governance are maintained by Norcros plc and is accountable to the Company’s shareholders for good corporate governance. Its policy is to manage the affairs of the Company in accordance with the principles of the UK Corporate Governance Code referred to in the Listing Rules of the UK Listing Authority. For the year under review, the Company has complied with the UK Corporate Governance Code as revised in 2018 (the Code) in all respects, save for the minor exceptions relating to the alignment of Executive Directors’ pension contributions and engagement with the workforce on the remuneration of Executive Directors. A copy of the Code is publicly available from www.frc.org.uk. The sections of the statement contained within the Annual Report describe the Board’s approach to corporate governance and how the principles of the Code are applied. These sections refer to the year ended 31 March 2021, unless otherwise stated.
As envisaged by the UK Corporate Governance Code, the Board has established three committees: an Audit and Risk Committee, a Nomination Committee and a Remuneration Committee. The Company complies with the UK Corporate Governance Code recommendation that the board of directors of a company the size of Norcros should include a chair and two independent non-executive directors.
The main responsibilities of the Audit and Risk Committee are:
• reviewing the Company’s financial reporting;
• monitoring the Company’s risk management and internal control procedures;
• overseeing the appointment and work of the external auditor;
• overseeing the work of Internal Audit and Risk Assurance; and
• advising the Board on whether the Annual Report and Accounts are fair, balanced and understandable.
The main responsibilities of the Remuneration Committee are to:
• determine the remuneration policy and keep it under review, including consulting with, and obtaining approval from, shareholders as appropriate;
• implement the approved remuneration policy as regards Executive Director remuneration, benefits and incentives, including the setting of targets for, and determination of payouts of all incentive arrangements;
• ensure alignment of the remuneration structure for senior executives to the Executive Director remuneration policy, including approval of changes to packages;
• keep under review the Executive Director remuneration policy (and the approach to implementation) in the context of pay policies and practices across the wider workforce, and the Group’s culture; and
• prepare the Annual Remuneration Report, to be approved by the members of the Company at the Annual General Meeting.
The main responsibilities of the Nomination Committee are:
• evaluating the balance of skills, knowledge, independence, diversity and experience of the Board;
• succession planning for the Board;
• determining the scope of the role of a new Director and the skills and time commitment required and making recommendations to the Board about filling Board vacancies; and
• appointing additional Directors.
The Company has adopted a code of securities dealings in relation to the ordinary shares which is based on, and is at least as rigorous as, the requirements of the Market Abuse Regulations. The code adopted will apply to the Directors and other relevant employees of the Group.
|Audit & Risk Committee terms of reference||PDF (175.1kb)|
|Nomination Committee terms of reference||PDF (29.4kb)|
|Remuneration Committee terms of reference||PDF (161.7kb)|
|Board Terms of Reference||PDF (124.4kb)|
|Statements of Responsibility||PDF (48.5kb)|
|Corporate governance from 2021 Annual Report||PDF (8.2mb)|
|Remuneration Report from 2021 Annual Report||PDF (8.2mb)|
|Download 2021 Annual Report||PDF (8.2mb)|