The Board considers that its primary role is to provide leadership to the Group, to set the Group’s long-term strategic objectives and to oversee robust corporate governance and risk management practices.

In order to support the Board’s role to promote the long-term success of the Company and to promote a strong control environment, the Board continues to operate within a Schedule of Matters Reserved to it and this forms part of an overarching Group Delegation of Authority. 

Only the Board may exercise any of the powers in the Schedule of Matters Reserved. Other powers are delegated to the various Board Committees and Senior Management via Committee terms of reference or via the Group Delegation of Authority, which is available to all employees on the Company intranet.

During 2019, the Board reviewed the formal Schedule of Matters Reserved, which is available at, to ensure that it is in line with the new Code.