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Governance

The Company is committed to appropriate standards of corporate governance

The Board recognises the importance of, and is committed to, high standards of corporate governance and all Directors and senior management are aware of their duties and responsibilities under the Corporate Governance Code 2018 (the “Code”), the Companies Act 2006, the Disclosure and Transparency Rules and the Listing Rules.

Stores Hudson Yards 02
Watches of Switzerland, Hudson Yards, NYC

Governance reform and progress

Having attained premium listed status on 4 June 2019, financial year 2020 was the first full year that Watches of Switzerland Group PLC has been subject to the Corporate Governance Code 2018 (“the Code”). We continued our efforts to strengthen governance arrangements throughout the year working towards compliance with the Code. Our collective resources were re-directed in the latter stages of the financial year towards ensuring the more immediate continuity of the Group with the least disruptive impact on all of our stakeholder groups.

All Directors and senior management are aware of their duties and responsibilities under the Companies Act 2006, the Code, the Disclosure and Transparency Rules and the Listing Rules. The Company has established procedures in place which provide a basis for the Board to make proper judgements on an ongoing basis as to the financial position and prospects of the Group.

Leadership board structure

Board of directors

The Board is collectively responsible for the long term success of the Group. The business of the Group is managed by the Board who may exercise all the powers of the Company. The Board delegates certain matters to the Board committees, and delegates the detailed implementation of matters approved by the Board and the day-to-day operational aspects of the business to the Executive Directors and the Trading Board.

The Board has remained unchanged throughout the period which we consider a great strength at this time.

Nomination committee

Undertakes the annual review of succession planning and ensures that the membership and composition of the Board, including the balance of skills, remains appropriate.

Audit committee

Reviews and reports to the Board on the Group’s financial reporting, internal control and risk management systems and the independence and effectiveness of the Auditor.

Remuneration committee

Determines the policy for remuneration, bonuses, long term incentive arrangements, contract terms and other benefits in respect of the Executive Directors, the Chairman, Company Secretary and senior management. Reviews workforce remuneration and related policies.

Chief Executive Officer

Leads the Executive Directors and the Trading Board Represents management on the Board

Executive Board

  • Day-to-day management of the Group’s operations
  • Executes the strategy once agreed by the Board

Annual Report 2020

Our Corporate Governance Report discusses the framework for controlling and managing the Group in further detail.

Annual Report 2020

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