Page 38 - Beeks Financial Cloud Group Annual Report 2021

36 Beeks Financial Cloud Group PLC

For the year ended 30 June 2021
Chairman’s Introduction

Chairman’s

Introduction

The Board appoints its members The Non-Executive Chairman also COMPOSITION OF AND
and those of its principal Committees serves as a non-executive director of APPOINTMENTS TO THE BOARD
following the recommendations of private company RHA Technologies The Code requires that there should
the Nomination and Remuneration Ltd based in Glasgow and is also a be a balance of Executive and
Committee. The Board reviews the retained advisor to pureLiFi based in Non-Executive Directors and when
financial performance and operation Edinburgh. Non-Executive Directors appointing new Directors to the
of The Group’s businesses. The devote as much time as is necessary Board, there should be a formal,
Board also reviews the identification, for the proper performance of their rigorous and transparent procedure.
evaluation and management of the duties. The Non-Executive Directors
principal risks faced by The Group, typically spend one to two days a For the year ended 30 June 2021
and the effectiveness of The Group’s month on Company-related matters. the PLC Board comprises the
GOVERNANCE
system of internal control. The Board met 12 times in the year Non-Executive Chairman, the Chief
ended 30 June 2021. The attendance Executive Officer, the CFO and the
For the year ended 30 June 2021, the of each director is shown on page 39. Non-Executive Directors. Short
PLC Board comprises the independent biographies of the Directors are
Non-Executive Chairman, the Chief ROLE OF CHAIRMAN AND CHIEF given on pages 24 and 25. The
Executive Officer, the CFO and the two EXECUTIVE OFFICER Board is satisfied with the balance
independent Non-Executive Directors. The Code requires that there should between Executive and Non-Executive
The Board is highly committed and be a clear division of responsibilities Directors. The Board considers that
experienced and is supported by between the running of the Board its composition is appropriate in view
qualified executive and senior and the executive responsible of the size and requirements of The
management teams. The Chairman, for The Group’s business, so as to Group’s business and the need to
Mark Cubitt holds 70,707 ordinary ensure that no one person has maintain a practical balance between
shares, William Meldrum holds 23,500 unrestricted powers of decision. Executive and Non-Executive Directors.
ordinary shares. The Company The Chairman is responsible for the
considers the three Non-Executive leadership of the Board, ensuring Each member of the Board brings
Directors to be independent. its effectiveness and setting its different skills and experience to the Board
The board believes the current agenda. Once strategic and and the Board Committees. The Board
composition enables the board to financial objectives have been is satisfied that there is sufficient diversity
perform its duties effectively and there agreed by the Board, it is the in the Board structure to bring a balance
is a clear division of responsibilities Chief Executive Officer’s of skills, experience, independence
between the running of the Board responsibility to ensure they and knowledge to The Group.
and the Executives responsible for the are delivered upon. To facilitate
Company’s business, to ensure that this, the Chief Executive Officer The Board recognises that to remain
no one person has unrestricted regularly meets the Executive effective it must ensure that it has
powers of decision. Management Team (EMT) which the right balance of skills, experience,
comprises representatives from knowledge and independence to
The Executive Directors of the Operations, Technical Delivery, enable it to discharge its duties and
Company are full time and do not Finance and Sales. The day to responsibilities. The Company has
serve as non-executive directors in day operations of The Group are a highly committed and experienced
any other organisation. managed by the EMT. Board, which is supported by a