The Board is responsible for the overall leadership and management of the Group.

The Board determines the Group’s strategy, approves major capital expenditure projects, the annual and interim results, annual budgets, dividend policy and Board structure. It monitors the Company’s exposure to risk and reviews the strategic direction of all trading subsidiaries, their annual budgets, their performance and their capital expenditure.

The Board comprises four Executive Directors and four Non-executive Directors.

Dick Steele, the Non-executive Chairman, is responsible for leadership of the Board and ensuring its effectiveness in all aspects of its role. The Board has not appointed a Senior Non-executive Director. The Board believes that, given its size, there is sufficient opportunity for shareholders to raise any concerns they may have with the Non-executive Chairman, the Chief Executive, the Group Finance Director, the other three Non-executive Directors or the Company Secretary.

The Board delegates day to day responsibility for managing the business to the Executive Directors and the senior management team. Lawrence Bryan, the Chief Executive, has executive responsibility for running the Group’s business and implementing Group strategy. To ensure suitably defined separation of the responsibilities of the Board and the running of the Group’s business, the Board has a formal schedule of matters reserved to it. The schedule is reviewed annually and updated when necessary to ensure its appropriateness.