Governance
The Board believes that good governance is fundamental to the successful growth of our business
Dr Jalal Bagherli CBE, Nanoco’s Chairman
The Board’s views on corporate governance
The UK Corporate Governance Code embodies core principles of accountability, transparency, probity and a focus on long-term success. As I said in my letter to shareholders in last year’s report, the Board firmly believes that a company governed in accordance with these principles will be a successful and well-managed business.
The Board and its Committees play a central role in The Group’s governance by providing an external and independent perspective on matters material to Nanoco’s stakeholders, and by seeking to ensure that effective internal controls and risk management processes are in place.
The Board also promotes a culture of good governance throughout The Group by creating an environment of openness, transparency, accountability and responsibility.
The members of the Board bring a wide range of skills and experience to The Group. This diverse skill set allows the Board to appropriately challenge and lead The Group’s strategy.
Board focus during the year
During the year, the Board has focused on a number of key areas:
The Board, which includes three Executive Directors, set the strategic priorities for the Company, and monitor the progress and achievement of these to ensure the business is progressing in the intended direction
The Non-executive Directors will review business performance, offer strategic guidance and support to the executive team, to assist in the achievement of strategic goals and help the business progress.
With The Group delivering significant operating revenues for the first time, it was critical to ensure that the impact of the necessary changes to transition from an R&D focus to a more operational footing was being properly managed. This included new organisational structures, roles and responsibilities, as well as new systems.
These focus areas were in addition to the normal ongoing responsibilities for approving the annual operating and capital expenditure budgets and any material changes to them. Finally, the Board continues to play an active role in approval of the half-yearly report, trading updates, the preliminary results announcement and the Annual Report and Accounts.