Responsibility for good governance rests with the Board; this is underpinned by an effective governance framework, which the Board believes fits the requirements of Coats’ business.
Our corporate governance framework – set out in the diagram below – is appropriate for a company of our size and FTSE 250 status and supports the delivery of the Group’s strategic objectives whilst also ensuring accountability, transparency and fairness in our dealings with all of our stakeholders, in particular our shareholders, customers, employees and suppliers.
Our governance activities comply fully with the provisions and principles of the 2016 UK Code of Corporate Governance – full details of which can be found here: Code Report from Annual Report 2017 (PDF 0.49MB)
The Coats Group Board recognises the Code’s key principles of:
- Leadership: the need for clear divisions of responsibility in order to provide leadership for the long term success of Coats.
- Effectiveness: that to operate effectively the organisation requires the correct balance of skills, experience and diversity.
- Accountability: a key element of ensuring sound governance is guaranteeing an appropriate system of controls and accountability.
- Remuneration: that Director remuneration is set to promote the long-term success of Coats.
The Board retains certain matters for its own preserve; other specific responsibilities are delegated to its principal Committees, namely the Audit and Risk Committee, the Nomination Committee and the Remuneration Committee, and to senior executive management.