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 following matters concerning David McKeith arising from the illness and tragic death of Gary Kennedy:
A copy of the Code is publicly available from www.frc.org.uk. The following sections of this statement 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 2023, 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:
The main responsibilities of the Remuneration Committee are to:
The main responsibilities of the Nomination Committee are:
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 (268.7kb)|
|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 2023 Annual Report||PDF (8.16mb)|
|Remuneration Report from 2023 Annual Report||PDF (8.16mb)|
|Download 2023 Annual Report||PDF (8.16mb)|