Performance evaluation and re-election

During the year, in accordance with the recommendations of the Code, the Board appointed an independent facilitator, Coefficient, to assist in a review of the performance of the Board, its Committees and Directors.

As part of the review, Coefficient interviewed present and former board members, senior managers and a number of external advisers who interact with the Board. They reported to the Board in February 2012 and, after discussion, the Board is considering how best to take forward various suggestions.

The review covered the composition of the Board, including its size, range of experience and skills, international complexion and gender balance, all of which are relevant to its balance and diversity; the quality of the information the Board receives; how it operates as a team and manages conflicts; the focus of Board business and how to make more time for key issues such as strategy, risk management and succession; defining the Board’s role and its relationship with the wider business and divisional management; the operation of the Committees of the Board and their responsibilities and remits; and the Group’s vision and values.

Following this process, the Chairman has confirmed that the Directors standing for election at this year’s AGM continue to perform effectively and to demonstrate commitment to their roles.