Led by our Chairman, Duncan Owen, the Board provides the leadership of the Company and is collectively responsible and accountable to shareholders for the Company’s long-term success, leadership, strategy, values, culture, control and management.
The Board is responsible for contemplating market trends and their impact on our strategy, assessing appropriate levels of risk and setting the objectives for the business, including the approach to ESG matter.
In addition, the Board reviews matters reserved for its decision, including:
- Dividend policy
- Company strategy, business objectives and annual budgets
- Setting the Group's purpose, values and standards
- Succession planning for the Board and senior management
- Approval of significant funding decisions
- Review and approval of corporate transactions
The Board is collectively responsible for the Company’s long-term success and the delivery of its strategic and operational objectives.
The Board has overall responsibility for the leadership, performance and governance of the Company.
The Board delegates certain of its responsibilities to its Audit, Nominations, Remuneration and ESG Committees. Further details of the work, composition, role and responsibilities of the Audit, Nominations, Remuneration and ESG Committees can be found in our Annual Report & Accounts and here.
The Board delegates all operational matters to the Executive Committee, except for matters specifically reserved to the Board. The Executive Committee is responsible for managing the business, day-to-day operational decisions and delivering the strategy set by the Board. The schedule of matters reserved for the Board is reviewed at least once a year and can be accessed on the Company website here. Further information on the relationship between the Board and the Executive Committee, and the matters which are reserved to the Board, can be found in our Annual Report & Accounts.
Board areas of focus
In delivering The Workspace Advantage for the long-term, the Board has six areas of focus:
The Board regularly debates the relevance and effectiveness of the strategy in the context of current and future market conditions. The Board also holds an annual deep dive strategy day, together with the Executive Committee.
The Board regularly monitors performance to assess whether the business model is effective in driving enquiries, continuing to meet customer needs and adapt to overall trends and conditions in the London property market.
Property valuation and investment
The Board reviews and challenges the valuation of the portfolio and reviews and approves major development projects and acquisitions and disposals.
Risk management and internal controls
Robust governance and risk management are crucial to the Board’s role in protecting the business, along with maximising opportunities for growth and returns. The Board regularly reviews governance requirements and assesses the adequacy of risk management, including the effectiveness of internal controls and risk reporting.
Succession planning and Board performance
The Board understands that the strength of its governance relies on having the right mix of skills and experience around the Boardroom table and ensuring there is continuity in Board membership. The Board conducts a rigorous evaluation of its performance each year and the evaluation is externally facilitated every three years.
The Board is committed to an open dialogue with all stakeholders and takes into account their views on relevant matters.