Governance
The Company is committed to appropriate standards of corporate governance
The Board is fully committed to underpinning all of the Group’s activities with the highest standards of Corporate governance. 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.
Governance reform and progress
The Company believes that good governance provides the framework for stronger value creation and lower risk for shareholders. It is the Board’s responsibility to instil and maintain a culture of openness, integrity and transparency throughout the business, through our actions and conduct, policies and communications. We apply corporate governance guidelines in a way that is relevant and meaningful to our business and consistent with our culture and values. If we decide that the interests of the Company and its shareholders can be better served by doing things in a different way, we will explain the reasons why.
PURPOSE AND CULTURE
As a Group we remain clear on our Purpose which is ‘To provide the highest level of customer service by well-trained, expert colleagues in luxurious and welcoming store environments and state-of-the-art online sites, and by partnering with the most prestigious luxury watch brands and jewellery brands, all supported by leading-edge technology and bold, impactful marketing.’
Our Purpose, Values and Brand Partnerships all influence and shape our Culture and how we are perceived by our stakeholders. The Board continues to work hard when making decisions and in assessing our attitude to risk, to ensure this alignment. The Board is satisfied that the policies, practices and behaviours across the Group are in line with the Company’s Purpose, Values and Strategy.
Focus beyond 2022
During the course of the 2023 financial year, The Board’s focus will continue to be enhancement of the organisation for the benefit of all its stakeholders with a focus on developments arising in the governance landscape.
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 other members of Senior Management. There is a schedule of matters specifically reserved for the Board which is reviewed and approved annually by the Board.
Nomination committee
Undertakes the annual review of succession planning and ensures that the membership and composition of the Board, including the balance of skills and diversity, remains appropriate.
Audit & Risk 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 External Auditor. Reviews and approves the responsibilities of the Internal Audit function and ensuring the necessary resources and access to information is in place.
Remuneration committee
Determines the policy for remuneration, bonuses, long term incentive arrangements, contract terms and other benefits in respect of the Executive Directors, the Chair, Company Secretary & General Counsel and Senior Management. Reviews workforce remuneration and related policies.
ESG Committee
Provides oversight on behalf of the Board in relation to the Group’s ESG strategy and activities, overseeing any ESG strategic goals, targets and key performance indicators.
Chief Executive Officer
- Leads the Executive Directors and the Trading Board
- Represents management on the Board along with the Chief Financial Officer
Trading Board
- Day-to-day management of the Group’s operations
- Executes the strategy once agreed by the Board
Annual Report 2022
Our Corporate Governance Report explains the key feature of the Group’s governance structure and how the Group measure itself against the standards set out in the Code, the accepted standard of good governance in the UK.
