Board Performance Evaluation

The UK Governance Code requires listed companies to undertake a rigorous annual evaluation of the performance of their Board, committees and individual directors.

The Board this year, led by the Chairman, carried out an internal evaluation of its performance and that of its Committees under a system based on a questionnaire circulated to all Directors which was used to facilitate a Board discussion. Based on the evaluation exercise, the Board concluded that it, and its Committees, were working effectively and a small number of improvement actions were agreed which included:

• Developing a more focused implementation plan for strategic initiatives.

• Improving the timeliness of information flow to the Board.

• Increasing the frequency of the Board’s formal appraisal of Group risks from one to three times each financial year.

The Chairman has evaluated the performance of individual Directors. In addition, the Non-Executive Directors, led by the Senior Independent Non-Executive Director, met, without the Chairman present, to appraise his performance.

The last external Board evaluation was undertaken in the year ended 31 March 2014. The next external evaluation will be undertaken in the year ending 31 March 2017.