- Agree strategic plans and business objectives.
- Approve the acquisition of investment properties and disposals.
- Review and agree financing arrangements and capital expenditure.
- Review the Group’s systems of internal control, governance and risk management.
In addition, at least once a year the Board reviews the nature and scale of
matters reserved for its decision and these include:
- Dividend Policy.
- Company Strategy, business objectives and annual budgets.
- 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 sets the strategic direction, governance and values of the Group and has ultimate responsibility for its management, direction and performance.
The Board draws on the expertise throughout the business and from external advisors to ensure that its judgements are based on sound and timely information.
The Board operates through a sound risk management and internal control system.
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.