Our governance system helps us deliver on our responsibilities to stakeholders
Our governance structures and processes support us in delivering on our responsibilities to a wide range of stakeholders.
We recognise and respect the interests of numerous partners, including:
- our employees and wider workforce
- our customers and the end consumers of their products and services
- our shareholders
- our suppliers, including providers of finance
- our company pension schemes and other creditors
- the communities that host our operations
- the natural environment
We know that our stakeholders’ trust in De La Rue has to be earned over time and is the result of our actions, not just our words. We know equally that trust can be lost in an instant, if our promises are shown to be empty. Our company has existed for over 200 years, so assessing the longer-term implications of our decision-making is something we understand well.
Our governance system identifies those who may be impacted by our business and the decisions we take, so that their interests can be taken into consideration. Our risk management system is intended to identify any threats to us achieving our strategic objectives. Risks can arise externally, from the company’s operations or through the strategies and business plans we pursue.
Our overall goal is to operate a robust governance system to maintain the trust of our stakeholders and uphold the standards they expect, doing business in the right way.
For more information on our Code of Business Principles and how we do business ethically, please see our Social Responsibility page.
Our governance system
Our governance system is built on two key pillars. Firstly, having the right people appointed into roles with clearly defined and widely understood roles and responsibilities. This helps us ensure that there is accountability for actions and outcomes. Secondly, we seek to embed ways of working so that we perform consistently. This means that our people know what is expected of them and external stakeholders know what to expect of De La Rue. In this way, we can maintain and repay the trust placed in us.
Our people and their roles
Board of Directors
The Board leads the company. It defines our purpose and mission and sets and oversees the strategic direction of the company, including the risks we are prepared to accept. It comprises the Chairman and a blend of Executive Directors and Independent Non-Executive Directors. The role of the Board is clearly defined, as is the list of matters reserved for its decision-making and the respective roles of the Chairman, CEO and Senior Independent Director.
The role of the Board
The Board is firmly committed to complying with the highest standards of corporate governance. Its core objectives are:
- Delivering value to shareholders and other stakeholders
- Maintaining De La Rue’s reputation for integrity as the foundation of its relationships with shareholders, customers, employees and suppliers
- Building long term success through innovation, quality and sound management
Matters reserved for the Board’s decision
In line with recommended best practice, there is an agreed schedule of matters that must be considered by the Board before any approval can be given. Below this, there is a separate framework setting out the approval power at different levels of management, but these headline matters must always receive Board approval.
For full details of the matters reserved for the Board’s decision, please click on the link below.
Board roles and responsibilities
The Board has discussed and agreed the roles of the Chairman, the Chief Executive Officer and the Senior Independent Director. Each of these offices is held by a different individual and their respective responsibilities have been summarised in writing.
Responsibilities of the Chairman, Chief Executive Officer and the Senior Independent Director (127 KB PDF).
The Board is supported in its work by six committees:
Audit Committee
Reviews and monitors the integrity of the Company’s financial reports, risk management systems and internal controls and the effectiveness of the internal audit function and external auditors.
Risk Committee
Oversees the risk management framework for the Group. Identifies, evaluates and monitors the principal risks facing the Group.
Ethics Committee
Makes recommendations to the Board on ethical matters and reinforces the Group’s commitment to ensuring business ethics are a fundamental and enduring part of the Group’s culture.
Disclosure Committee
Oversees the implementation of the governance procedures associated with the assessment, control and disclosure of inside information in accordance with the Market Abuse Regulation.
Nomination Committee
Reviews the structure, size and composition of the Board and its Committees with regard to diversity and ensuring a balance of skills, knowledge and experience.
Remuneration Committee
Sets the remuneration policy for the Chairman and Executive Directors and monitors the policies and practices applied to senior management remuneration.
Chief Executive Officer
The CEO is responsible and accountable for the management of the company’s business. This is delivered in line with the company’s strategy and assessed relative to agreed business plans and budgets. The board delegates the power and authority to run the business to the CEO, who is supported by the Executive Leadership Team (ELT).
Executive Leadership Team (ELT)
The ELT develops and implements strategy, monitors the company's operating and financial performance and the prioritisation and allocation of resources. We have a collegiate approach to management, with trusted senior executives empowered to manage their part of the business. Clear accountability is preserved by having tightly defined remits, agreed plans and transparent reporting.
Group Health, Safety and Environment Committee
In addition to board level oversight, certain aspects of management’s delivery of the agreed business plans is monitored by the Group Health, Safety and Environment Committee. This:
- Makes recommendations on HSE strategy
- Monitors compliance with HSE obligations
- Tracks key HSE KPIs
- Recommends appropriate training and actions to maintain HSE improvements and performance
Our ways of working
We understand the importance of managing our business responsibly. Delivering business results is obviously important but doing business in the right way is of paramount importance. Our company purpose of securing trust between people, businesses and governments means that we have to earn, respect and retain the trust our stakeholders place in us. For this reason, we have implemented group-wide ways of working across a number of areas, so that our people know what is expected of them and external stakeholders know what to expect of De La Rue.
To learn more about these, please click on the relevant link below:
Our Code of Business Principles and ethical standards
Payment terms, practices, policies and performance
