Board Performance Evaluation
External board reviews take place every three years and internally each year. Collectively and individually, the Directors monitor Board and directors’ performances on a range of measures and KPIs which align with a Company of its size and at its stage in its journey.
The Board agrees that the Chair continues to provide strong and purposeful leadership. It further agrees that it has the right balance of skills, experience and independence to evolve strategy and that it works effectively as a team.
The Board and Non-Executive Directors regularly visit the Horsham site, holding meetings with senior management and tracking progress against KPIs, identifying potential risks and reputational issues with a view to ensuring that the Company remains on track to grow and deliver in its market and maximises shareholder value.
The Committees also carry out their own annual internal evaluations taking into consideration their terms of reference which in the past year confirmed that their compositions, skills and experience are still considered effective for understanding and supporting the Company to implement its commercial strategy.
Acting on the conclusions of the external Board effectiveness review in November 2016, the Board has moved from monthly to quarterly meetings to improve the focus of the main plc Board. The Executive Board continues to meet monthly. The Board’s agendas and papers were refined to ensure that it concentrates on the key strategic issues and risks; specifically, those relating to managing conflicts of interest and the move towards commercialisation. The Board recognises that risk is an area that needs further consideration given the changing focus of the Group as it moves closer to commercialisation.
The Board recognises that diversity in succession planning is an area that can be given further consideration. The Nominations and Governance Committee regularly considers succession planning and, in combination with the Remuneration Committee, continually consider senior management retention. In September 2019, Caroline Hargrove was appointed Chair of the Nominations and Governance Committee.
The Board received updates on AIM rules, GDPR and other governance, regulatory and financial matters as published during the year.