Page 42 - Beeks Financial Cloud Group Annual Report 2021

40 Beeks Financial Cloud Group PLC

For the year ended 30 June 2021
Chairman’s Introduction

Chairman’s

Introduction

its agreed budget and market responsible for the leadership of PRINCIPLE 10: COMMUNICATE
forecast and the Board reviews the the Board, ensuring its effectiveness HOW THE COMPANY IS
monthly update on performance and setting its agenda. Once PERFORMING BY MAINTAINING A
and any significant variances are strategic and financial objectives DIALOGUE WITH SHAREHOLDERS
reviewed at each meeting. have been agreed by the Board, AND OTHER RELEVANT
it is the Chief Executive Officer’s STAKEHOLDERS
The Board considers the responsibility to ensure they are Trading updates and press releases
appropriateness of its accounting delivered upon. are issued as appropriate and
policies on an annual basis. The the Company’s brokers provide
Board believes that its accounting To facilitate this, the Chief Executive briefings on shareholder opinion
policies, in particular in relation to Officer regularly meets the Executive and compile independent
GOVERNANCE
income recognition and research Management Team (EMT) which feedback from investor meetings.
and development, are appropriate comprises representatives from Information offered at the analysts’
and are informed by its Auditors Operations, Technical Delivery, meetings together with financial
on future changes to such Finance, Sales and HR. The day to press releases are available on the
accounting policies. day operations of The Group are Company’s website,
managed by the EMT. www.beeksgroup.com.
During the financial year ended
30 June 2021, the business reviewed BOARD COMMITTEES The Annual General Meeting is used
matters including the valuation The Board is supported by the by the Directors to communicate
of Velocimetrics Limited including Audit, and Remuneration and with both institutional and private
contingent consideration, revenue Nominations committees. Each investors. Every shareholder will
recognition and capitalisation of committee has access to such have access to a full annual report
R&D activities. Similar to the prior resources, information and advice each year end and an interim
year, technical accounting papers as it deems necessary, at the cost report at the half year end. Care
were prepared, reviewed and of the Company, to enable the is taken to ensure that any price
agreed by the Company’s auditor. committee to discharge its duty. sensitive information is released
to all shareholders, institutional
Financial results with comparisons Based on the current stage and private, at the same time in
to budget and forecast results are of growth within the business, accordance with London Stock
reported to the Board on a regular the Board do not believe it is Exchange requirements. The
basis, together with a commercial requirement to have an internal Company strives to give a full,
report on strategic and operational audit function, but this will be kept timely and realistic assessment
issues. Significant variances from this under review as the business of its business in all price-sensitive
budget or strategy are discussed at continues to grow or equivalent. reports and presentations.
Board meetings and actions set in
place to address them. ENVIRONMENTAL, SOCIAL,
GOVERNANCE
There is a clear division of People / Social
responsibility at the head of Our people are integral to the
the Company. The Chairman is success of the business. We are