Further details on the Terms of Reference of the Committees can be accessed here.
The Board met in person or by video conference ten times during the year and also held supplementary meetings by telephone/video conference to consider specific matters. The Board receives a full pack of reports in advance of each scheduled meeting detailing Group and entity trading performance, and containing individual reports from each of the executive directors.
During 2022, the Board also received presentations from operational management on topics including business unit strategy, ESG, tax strategy, IT Systems and security. ERP implementation and acquisition proposals. Alongside monitoring operational performance, it is the Board’s responsibility to formulate, review and approve the Group’s strategy, investments (including acquisitions), budgets and major items of expenditure.
The Board believes in a strong governance culture and recognises the need to adopt and comply with a recognised corporate governance code. The Board has adopted the updated Quoted Companies Alliance (QCA) corporate governance code for Midwich plc. The most recent statement of QCA code compliance is available here.