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Chairman's letter

Chairmans Letter Dennis Millard

The Board continues to recognise the importance of high standards of corporate governance and we have an effective board who work together to promote the long term sustainable success of the Company that is focused on generating value for all its stakeholders.

Governance reform and progress

Having attained premium listed status on 4 June 2019, financial year 2020 was the first full year that the 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 to ensure 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 as a result of COVID-19 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.

PURPOSE AND CULTURE

"WE ARE UNITED IN PRIORITISING THE LONG TERM STRENGTH OF THE BUSINESS"

Dennis Millard Chairman

Culture is a key theme in the Code. As a Group we remain clear on our purpose which is to partner with the most prestigious and recognised Swiss luxury watch brands and offer a complementary luxury jewellery range. We provide the highest quality customer experience including a modern, open and welcoming luxury store environment featuring a compelling product range and an expert level of service in a multi-channel environment, all of which is supported by leading-edge technology and bold, impactful marketing. We continue to work hard to ensure that our values and strategy are aligned with our company culture. Our culture determines how we behave, how we make decisions and our attitude towards risk.

Focus beyond 2020

"During the course of financial year 2021 the Board will continue to focus its efforts on maintaining the organisation for the benefit of all stakeholders and will continue to monitor regulations and developments arising on the governance landscape."

Dennis Millard Chairman
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