Lay solid foundations for management and oversight

The Board’s primary responsibilities include:

  • The selection, appointment and, if necessary, removal of the Chief Executive Officer (CEO), including setting conditions of service and monitoring performance.
  • The review and approval of the annual and half-yearly financial reports.
  • The establishment of long-term goals of Trust and the approval of strategic plans to achieve those goals.
  • The review and approval of annual budgets, as well as monitoring management and financial performance, and ensuring appropriate resources are available.
  • Ensuring that Trust has implemented adequate systems of internal controls, together with appropriate monitoring of compliance activities.
  • Ensuring significant business risks are identified and effective strategies are in place to manage these.
  • Maintaining high ethical and business standards.
  • Approving Director remuneration within shareholder-approved limits.
  • The selection, appointment and performance monitoring of Directors.
  • Ensuring at least two-thirds of Directors are non-executives.
  • The review, approval and monitoring of major strategies, financial objectives and plans, including capital expenditure, acquisitions and divestitures.

The Board has delegated to management the responsibility for:

  • Developing and, upon approval, implementing corporate strategies.
  • Managing the day-to-day business.
  • Managing the risk and compliance frameworks, including reporting to the Board and, where necessary, the market.
  • Appointing staff, and evaluating their performance and training requirements, as well as developing company policies.
  • Developing Trust’s annual budget, managing the business within the budget, and reporting performance against the budget to the Board.
  • Ensuring all available information in connection with items to be discussed at a meeting of the Board is provided to each Director before the meeting.

The CEO is responsible for ensuring the responsibilities delegated by the Board are properly discharged by management and for keeping the Board informed on these matters.

The Board’s roles and responsibilities are formalised in Trust’s Constitution, which is available on this website.

Enter your details to receive the latest news from Trust.