The Board

The Group is controlled through its Board of Directors. The Board’s main roles are: to create value for shareholders; to provide entrepreneurial leadership of the Group; to approve the Group’s strategic objectives; and to ensure that the necessary financial and other resources are made available to enable those objectives to be met. The Board has a schedule of matters reserved for its approval, which it most recently reviewed in February 2012.

Specific responsibilities of the Board include: setting Group strategy and approving the annual budget; reviewing operational and financial performance; approving major acquisitions, divestments and capital expenditure; reviewing the Group’s systems of internal controls and risk management; ensuring that appropriate management development and succession plans are in place; providing leadership for, and reviewing the Group’s performance in, environmental, health and safety matters; approving appointments to the Board; approving policies relating to Directors’ remuneration and Directors’ contracts as well as accounting, dividend and treasury policies; and undertaking a formal and rigorous review annually of its own performance and that of its Committees and Directors.

Board papers and other relevant information are circulated to the Directors in a timely manner in preparation for Board and Board Committee meetings. This information is supplemented by information specifically requested by the Directors from time to time.