The Board supports the ‘comply or explain’ approach set out in the UK Corporate Governance Code, which forms part of the Board’s governance processes.
The Code is issued by the Financial Reporting Council (FRC) and is available on the FRC’s website.
This report has been prepared against the version of the Code published in 2016, which is applicable for William Hill’s 2017 financial year for the first time. Under the Code’s ‘comply or explain’ approach, this permits listed companies some flexibility and the opportunity to adopt governance arrangements otherwise than in accordance with the provisions of the Code, where the Board feels this is appropriate for the good running of the business.
The Board can report full compliance with the Code during the 2017 financial year. The Board has also reviewed the FRC’s announcement of proposed revisions to the Code, expected to apply for financial years commencing after 1 January 2019. The proposals are currently under public consultation. Based on the FRC’s current proposed changes, the Board is satisfied that its effective governance procedures and policies mean that no further material changes should be necessary to the Board’s governance framework. However, the Board acknowledges the proposed revisions which call for better alignment of board culture with company values and enhanced staff engagement and is committed to reviewing any further improvements which may be made in these areas as best practice market practices emerge.