The Board has adopted the QCA Corporate Governance Code 2018, a set of corporate governance guidelines, which include a code of best practice, comprising principles intended as a minimum standard, and recommendations for reporting corporate governance matters.
In this section we have set out our approach to governance and provided further information on how the Board and its Committees operate.
10 Principles of The Quoted Companies Alliance
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1. Establish a strategy and business model to promote long-term value for shareholders
The strategy for each division and the Group as a whole is determined by the Board. Strategic progress milestones are set and tracked between the Directors and senior management.
2. Seek to understand and meet shareholder needs and expectations
Meetings are held with investors and the Board considers how decisions could impact and be received by shareholders. Our AGM provides an opportunity for all shareholders to hear from and meet with our Directors.
3. Take into account wider stakeholder and social responsibilities and their implications for long-term success
The Board identifies the main stakeholders in the business and regularly discusses how employees, suppliers, customers and others might be affected by decisions and developments in the business. We believe that social responsibilities are not only a responsibility but a requirement to be a successful business.
4. Embed effective risk management, considering both opportunities and threats, throughout the organisation
Both the Board and Audit Committee regularly review risks, including new threats, and the processes to mitigate and contain them. Whilst the Board is responsible for risk, our culture seeks to empower all colleagues to manage risk effectively across all our businesses.
5. Maintain the Board as a well-functioning, balanced team led by the Chair
Our Board works well together as a team and contains complimentary experience across property and hospitality, as well as the required experience in compliance, governance and financial management.
6. Ensure that between them the Directors have the necessary up-to-date experience, skills and capabilities
We assess the adequacy of the Board’s collective skills and experience as part of the annual Board evaluation. Directors’ individual development needs will be discussed annually with the Chairman.
7. Evaluate Board performance based on clear and relevant objectives, seeking continuous improvement
An annual Board evaluation will be undertaken to review the Board’s effectiveness, track improvements since the previous year and plan additional actions.
8. Promote a corporate culture that is based on ethical values and behaviours
Respect is a core value of the Barkby Group that is consistently promoted across every business. Each individual trading division is proud to be part of the Barkby Group. We have witnessed a solidarity and commitment across our workforce during challenging economic times, which instils a huge amount of confidence in the group’s potential for future success through a supportive culture.
9. Maintain governance structures and processes that are fit for purpose and support good decision making by the Board
The Directors recognise the importance of sound corporate governance and have therefore adopted the QCA code to support decision making at board level.
10. Communicate how the Company is governed and is performing by maintaining a dialogue with shareholders and other relevant stakeholders
We communicate with a range of stakeholders. Employee concerns and issues are represented by our “Head of People” role, which has overall responsibility for this area. We have maintained good communication and endeavoured to work collaboratively with our suppliers, especially in relation to the challenges caused by the pandemic.