INTRODUCTION FROM THE CHAIRMAN

The continuing success of Howdens' business is dependent on its ability to sustain its strong and distinctive culture, which from the outset has been based on personal accountability and respect for the individual.

Simply put, the purpose of our Board and our corporate governance framework is to safeguard the interests of stakeholders and to help ensure the successful development of the business over the long-term. With these objectives in mind, the Board is committed to upholding the highest standards of corporate governance and making sure that the procedures and practices of the business continue to be fair, appropriate, proportionate, effective and compliant with both the spirit and the letter of the UK Corporate Governance Code.

The Board considers itself to be highly accountable to shareholders and it is entirely cognisant of its responsibilities to its other stakeholders. Through challenge and collaboration the Board has continued to safeguard the outstanding execution of strategy and entrepreneurial culture which has made the business so successful.

Whilst it is important to recognise that shareholder and stakeholder sentiment may change over time, the core principals of fairness and good governance do not. Howdens will continue to guard against complacency, to take a long-term view on strategy and to ensure that robust and proportional procedural safeguards are in place.