CORPORATE GOVERNANCE
Overview
Corporate Governance
Overview
The Board continues to take its responsibility for the long-term sustainable success of the Company very seriously, to ensure the generation of value for our stakeholders.
Our governance framework enables effective decision making and ensures collaboration between the Board, its Committees and the GET while also maintaining clear separation of key Board roles to ensure the correct division of responsibilities.
Coats has applied all of the principles and complied with all the relevant provisions of the 2018 UK Corporate Governance Code (Code) during the course of the year ended 31 December 2023.
The Board is collectively responsible for the long-term success of the Group and for ensuring leadership within a framework of effective controls. The key roles of the Board are:
- setting the strategic direction of the Group, including consideration of strategic acquisitions and divestments;
- overseeing implementation of the strategy and monitoring performance by ensuring that the Group is suitably resourced to achieve its aspirations;
- overseeing returns to shareholders and monitoring the share price;
- encouraging entrepreneurial leadership by providing a framework of prudent and effective controls which enables risk, including risk tolerance, to be assessed and managed, supported by robust systems of governance, ethics and compliance;
- engaging appropriately with stakeholders to understand their views; and
- setting and monitoring the Group’s culture, supported by its values, and ensuring alignment with the Company’s purpose and strategy.
All matters are reserved for the Board unless specifically listed in the terms of reference for one of the Committees of the Board (which are available for viewing here) or where the Board has delegated authority to senior executive management.
