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Governance report
The Keltbray Group is committed to achieving corporate governance standards and sustainable business practices that meet the highest levels of integrity and scrutiny for a privately owned enterprise. This is why we are early adopters of The Wates Corporate Governance Principles for Large, Private Companies. We believe this is the best way of providing a strong framework within which to benchmark our corporate governance activities in our pursuit of resilient long-term growth and success.
Doing the right thing is integral to the Main Board’s objective to sustain a corporate culture aligned with our Group values, drive a level of organisational effectiveness commensurate with the achievement of the Group’s purpose and vision – To redefine the way sustainable development is delivered – while at all times upholding the highest standards of business ethics and conduct across all the Group’s stakeholder groups. This approach is encompassed in the Group’s Code of Conduct, which provides more granular guidance on a range of standards, including the UK Bribery Act and Modern Slavery Act. The Code of Conduct is available on the company’s website:
www.keltbray.com
The framework is reviewed annually to ensure that the committee structure and delegations of authority continue to meet the needs of the business and provide the Main Board and Group senior management with the necessary oversight of Keltbray’s business affairs. During the year, the Governance structure was refreshed in line with The Wates Corporate Governance Principles for Large Private Companies, in order to align more closely with the Group’s customercentric strategy and five-year business plan, and to ensure Keltbray was an early adopter of best practice in private enterprise governance and reporting. This review, entitled ‘Project Engine’, included the establishment of the Main Board and Executive Board as two separate, but highly interconnected governance forums, whose members meet at least twelve times a year. The principle behind the creation of this two-tier senior governance structure is to facilitate improved co-operation and co-ordination between executive management members and to create more informed challenge and effective decision-making, facilitated by high quality management information, with the aim of ensuring an approach that is much more “fleet of foot” in implementing strategy. In addition, following the appointment of Phil Wilbraham and Ashley Muldoon as non-executive directors, the subcommittees of the Main Board – Risk; Audit; and Remuneration & Nominations – were reviewed and refreshed, recognising the broad scope of the development and execution of the business strategy. The current terms of reference of the Board and its various committees and subcommittees are set out on pages 60-64.
