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Board effectiveness, evaluation and training

Board and Committee evaluation

The effectiveness of the Board, individual directors and the Board’s main committees are reviewed annually, with an externally facilitated review every three years as required by the UK Corporate Governance Code. Given the appointment of a new Chair of the Board in September 2022, the decision was taken to defer the 2022 evaluation until 2023 to allow the new Chair sufficient time in post to make the evaluation more relevant, meaningful and useful. The board evaluation in 2023 will be externally facilitated. Notwithstanding the postponement of the 2022 evaluation, elements of board performance were reviewed. Significant progress has been made on addressing actions arising out of the 2021 evaluation, highlights of which are set out in Section B4.4 of the Annual Report and Accounts.

Board and Committee evaluation
Risk Management

Individual performance

The Chair appraises the performance of the non-executive directors, identifying any development opportunities or training needs. The Senior Independent Director leads the review of the performance of the Chair with the other non-executive directors, taking into account the views of the executive directors. The performance of the Chief Executive is also appraised by the Chair. The performance of the other executive directors is appraised by the Chief Executive in conjunction with the Chair. The results of these appraisals are presented to the Remuneration Committee for consideration and determination of remuneration. At each AGM the Chair confirms, when proposing the re-election of any non-executive director, that following formal performance evaluation, the individual’s performance continues to be effective and demonstrates commitment to the role.

Learning and development

All directors receive an induction training schedule tailored to their individual requirements upon joining the Board. A skills matrix is reviewed annually, the aim of which is to identify the key areas for ongoing board development and to assess the necessary skills and experience when considering future board succession planning. Further detail on board development and induction can be found in Section B4.4 of the Annual Report. Training undertaken by the Board during the year is described in Section B3.3 oof the Annual Report.

Learning and development