Introduction to our Corporate Governance Good Energy Group aims to comply with the highest standards of Corporate Governance, and to respond to developments appropriately. The shares of Good Energy Group PLC are traded on PLUS Markets and as such the Company is bound by those regulations. In addition, the Directors are familiar with the provisions of the Combined Code on Corporate Governance for Public Limited Companies as issued by the Financial Reporting Council in June 2006 (the “Code”) and these provisions are applied in all material respects. In particular - The roles of Chairman and Chief Executive are split.
- The Chief Executive is accountable to the Board for the operating and financial performance of the businesses.
- The Board is responsible for setting strategy and medium term plans, approving the appointment of senior staff, setting remuneration and devising incentive programmes, agreeing financial and accounting policies and ensuring that the shareholders are properly informed about the state of the businesses.
- The Board comprises the Chief Executive, The Finance Director, and four Non-Executive Directors, one of whom is designated Senior Independent Director.
- Non-executive Directors do not participate in any incentive bonus or share option schemes.
The size of the Board is considered appropriate for the size of the enterprise. It has a sufficient range of relevant operational and financial experience to be able to discharge its responsibilities without the formality of individual committees as envisaged by the Code. The Board takes external advice as appropriate.
Any deviations from the Code are permitted in the Code’s exceptions for companies which are not listed on the London Stock Exchange. In Good Energy’s case, the principal deviations are: - Three of the Directors have substantial shareholdings in the Company, in aggregate representing approximately 25% of the issued capital.
- The detailed proceedings of Board Meetings in relation to their deliberations on remuneration, auditing and other subjects nominated by the Code are not disclosed in the Company’s Report and Accounts.
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