1.  Strategy and Management

1.1  Responsibility for the overall leadership of the Company and setting the Company’s values and standards

1.2  Approval of the Group’s long-term objectives and overall business strategy

1.3  Approvals of the annual operating and capital expenditure budgets and any material changes to them

1.4  Oversight of the Group’s operating ensuring:

• Competent and prudent Management
• Safe and secure operations
• Sound planning
• Maintenance of sound Management and internal control systems;
• Adequate accounting and other records; and
• Compliance with statutory and regulatory obligations.

1.5  Review of performance in the light of the Group’s strategic aims, objectives, business plans and budgets and ensuring that any necessary corrective action is taken

1.6  Extension of the Group’s activities into new business or geographic areas

1.7  Any decision to cease to operate all or any material part of the Group’s business

2.  Structure and Capital

2.1  Changes relating to the Group’s capital structure including reduction of capital, share issues (except under employee share option scheme), share buy backs (including the use of treasury shares) and entering into any material debt and financing arrangements.

2.2  Major changes to the Group’s corporate structure, including but not limited to acquisitions and disposals of shares which are material relative to the size of the Group in question (taking into account initial and deferred consideration).

2.3  Changes to the Group’s Management and control structure

2.4  Any changes to the company’s listing or its status as a plc

3.  Financial Reporting and Control

3.1  Approval of the half-yearly report, interim Management statements and any preliminary announcement of the final results.

3.2  Approval of the annual report and accounts (including the corporate governance statement and directors’ remuneration report)

3.3  Approval of the dividend policy

3.4  Declaration of the interim dividend and recommendation of the final dividend

3.5  Approval of any significant changes in accounting policies or practices

3.6  Approval of treasury policies (including foreign currency exposure and the use of financial derivatives)

3.7  Approval of material unbudgeted capital or operating expenditures (outside pre-determined tolerances)

4.  Internal Controls

4.1  Ensuring maintenance of a sound system of internal control and risk Management including:

• Approving the company/groups risk appetite statements;
• Receiving reports on, and reviewing the effectiveness of the Group’s risk and control processes to support its strategy and objectives, including the Groups Risk Register;
• Approving procedures for the detection of fraud and the prevention of bribery;
• Undertaking an annual assessment of these processes; and
• Approving and appropriate statement for inclusion in the annual report.

4.2  Determining the nature and extent of the significant risks the Group is willing to take in achieving its strategic objectives.

5.  Contracts (above 5% of consolidated total assets)

5.1  Approval of major capital projects (and oversight over execution and delivery)

5.2  Contracts which are material strategically or by reason of size, entered into by the Company (or in case of a subsidiary, recommendation for approval) in the ordinary course of business, for example bank borrowings and acquisitions or disposals of fixed assets above xx million (including intangible assets such as intellectual property save for assets acquired in the normal course of business

5.3  Contracts of the company (or any subsidiary) not in the ordinary course of business, for example loans and repayment, foreign currency transactions; major acquisitions or disposals

5.4  Major investments (including the acquisition or disposal of interests of more than (3) percent in the voting shares of any Company or the making of any takeover offer)

6.  Communication

6.1  Ensuring a satisfactory dialogue with shareholders based on the mutual understanding of objectives.

6.2  Approval of resolutions and corresponding documentation to be put forward to shareholders at a general meeting.

6.3  Approval of all circulars, prospectuses and listing particulars (approval of routine documents such as periodic circulars about scrip dividend procedures or exercise of conversion rights could be delegated to a committee.)

6.4  Approval of press releases concerning matters decided by the Board.

7.  Board membership and other appointments

7.1  Changes to the structure, size and composition of the board following recommendations from the Nomination & Remuneration committee

7.2.  Ensuring adequate succession planning for the Board and consult with Senior Management over the succession planning for Executive Committee members so as to maintain an appropriate balance of skills and experience within the company and on the Board.

7.3  Appointments to the Board, following recommendations by the Nomination & Remuneration Committee

7.4  Selection of the Chairman of the Board and the Executive Board

7.5  Appointment of the Senior Independent Director to provide a sounding board for the Chairman and to serve as intermediary for the other director when necessary

7.6  Membership and chairmanship of Board Committees following recommendations from the Nomination & Remuneration Committee

7.7  Continuation in office of directors at the end of their term of office, when they are due to be re-elected by shareholders at the AGM and otherwise as appropriate.

7.8  Continuation in office of any director at any time, including the suspension of the company, subject to the law and their service contract

7.9  Appointment or removal of the company secretary

7.10  Appointment, reappointment or removal of the external auditor to be put to shareholders for approval in general meeting, following the recommendation of the Audit Committee.

7.11  Appointments to Board of subsidiaries

8.  Remunerations

8.1  Determining the remuneration policy for the Directors, company secretary and other senior executives following recommendations from the Nomination & Remuneration Committee

8.2  Determining the remuneration of the non-executive directors, subject to the shareholder approval as appropriate, following recommendations from the executive directors

8.3  Determining the remuneration of the Executive Directors, following recommendations from the Nomination & Remuneration Committee.

8.4  The introduction of new share incentive plans or major changes to existing plans, to be put to shareholders for approval

9.  Delegation of Authority

9.1  The division of responsibilities between the Chairman and the Managing Director (and other executive directors) which should be clearly established, set out in writing and agreed by the Board

9.2  Approval of the delegated levels of authority, including the Managing Director authority limits (which must be in writing)

9.3  Establishing Board Committees and approving their terms of reference, and approving material changes thereto.

9.4  Receiving reports from Board Committees on their activities

10.  Corporate Governance Matters

10.1 Undertaking a formal and rigorous annual review of its own performance, that of its committees and individual directors, and the division of responsibilities.

10.2  Determining the independence of non-executive directors in light of their character, judgment and relationships

10.3  Considering the balance of interests between shareholders, employees, customers and the community.

10.4  Review of the Group’s overall corporate governance arrangements

10.5  Receiving reports on the views of the Company’s shareholders to ensure that they are communicated to the Board as a whole.

10.6  Authorising conflicts of interest where permitted by the Company’s Constitution.

11.  Policies

11.1  Approval of policies, including amongst others:

• Code of Conduct;
• Insider Trading Policy;
• Whistleblowing Policy;
• Anti-Bribery and Corruption Policy;
• Health and Safety Policy;
• Environment and Sustainability Policy; and
• Corporate Social Responsibility Policy;

12.  Other

12.1  Approval of the appointment of the Group’s principal professional advisers.

12.2  Prosecution, commencement, defence or settlement of litigation, or an alternative dispute resolution mechanism (involving above 5% of consolidated total assets or being otherwise material to the interest of the Group)

12.3  Approval of the overall levels of insurance for the Group including directors’ & officers liability insurance (and indemnification of directors)

12.4  Major Changes to the rules of the Groups’ pension scheme, or changes of trustees or (when this is subject to the approval of the company) changes in the fund management arrangements

12.5  Any decision likely to have a material impact on the Company or Group from any perspective, including, but not limited to, financial, operational, strategic or reputational.

12.6  This schedule of matters reserved for Board decisions.