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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. Notwithstanding the postponement of the 2022 evaluation, elements of board performance were reviewed during 2022.

An externally facilitated review of the performance of the Board and its committees was conducted in 2023. More details on the 2023 board evaluation 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. As part of the 2023 external board evaluation, an appraisal of the Chair was carried out by the external evaluator, the output of which was shared with the Senior Independent Director. 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 election and/or 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 B4.5 of the Annual Report. Training undertaken by the Board during the year is described in Section B3.3 of the Annual Report.

Learning and development