Our Corporate Governance Report includes an introduction from our Chairman, information about our Directors and how they contribute to the long-term sustainable success of the Company, our key Board activities in 2019 and those planned for 2020, and how our governance arrangements benchmark against the UK Corporate Governance Code. For the first time, we have also set out how we engage and foster relationships with our stakeholders (and how this engagement has influenced Board discussions and decision-making) and how our Directors have discharged their duty under section 172(1) of the Companies Act 2006. View the Schedule of Matters Reserved for the Board. To read our most recent Corporate Governance Report, please click below.
The recruitment of talented individuals to the Board and senior management team ensures we can remain competitive. Our Nominations Committee (a sub-committee of the Board) leads the process for appointments to the Board and senior management positions, ensures plans are in place for the orderly succession to both the Board and senior management positions, and oversees the development of a diverse pipeline for succession. View the Terms of Reference of the Nominations Committee. Read on to see the Nominations Committee’s most recent report.
Fair and balanced remuneration practices for our Executive Directors and senior managers plays a key role in ensuring sustainable growth of the business and the fulfilment of our strategic objectives. Our Remuneration Committee (a sub-committee of the Board) has responsibility for determining our Executive Directors’ remuneration policy and for setting the remuneration of the Chairman, Executive Directors and senior managers (including the Company Secretary). It reviews the workforce remuneration and related policies and the alignment of incentives and rewards with our culture. View the Terms of Reference of the Remuneration Committee. View our Directors’ Remuneration Policy. Read on to see the Remuneration Committee’s most recent report.
The oversight of the financial reporting process and the Company’s system of internal control is a crucial pillar in our governance framework. Our Audit Committee (a sub-committee of the Board) monitors the integrity of the financial statements of the Company and any formal announcements relating to our financial performance. It also reviews our internal controls, monitors the effectiveness of the internal audit function and reviews and monitors our external auditor’s independence and process effectiveness. View the Terms of Reference of the Audit Committee. Read on to see the Audit Committee’s most recent report.
Howdens is a values-driven business with a deeply embedded culture of doing the right thing in respect of all our stakeholders. Being worthwhile for all concerned means providing a safe environment in which our employees work, offering them secure employment with prospects for progression, selling great products to our trade account holders, having long-term strategic relationships with our key suppliers, generating value for our shareholders, contributing to the communities in which we operate and ensuring that the business remains in robust financial health.
The governance report offers an examination of the way the company is led, in accordance to the provisions set out in the UK Corporate Governance Code.
It analyses the effectiveness of the board, as well as the board’s composition, development and accountability. Explore the results of the latest report, and gain a deeper understanding of the company’s directorial structure.
The remuneration committee is a sub-committee of the board and is made up of independent non-executive directors. It has responsibility for determining our executive directors’ remuneration policy and for setting the remuneration of the chair, executive directors and senior managers (including the company secretary). It reviews the workforce remuneration and related policies and the alignment of incentives and rewards with our culture. Read on to see the committee’s most recent report.
The audit committee is a sub-committee of the Board and is made up of independent non-executive directors. It monitors the integrity of the financial statements of the company and any formal announcements relating to the company’s financial performance. It also reviews the company’s internal financial controls, monitors the effectiveness of the internal audit function and reviews and monitors the external auditor’s independence and process effectiveness. Read on to see the committee’s most recent assessment.
As a business, we are committed to being a responsible taxpayer. Therefore, our tax strategy statement is prepared in adherence to 2016 Finance Act guidelines. In the document, we list our approaches to tax management and planning, and how we minimise tax risk. Read more to see how we demonstrate integrity, plus information regarding our relationship with HMRC.
The need for organisations to provide transparency on gender pay gap was introduced as legislation in 2017. This move was welcomed by Howdens, as we are committed to being an equal opportunities employer. The annual paper is prepared by the HR department, and uses data comparing ‘ordinary pay’ and ‘bonus pay’. See our results and year-on-year improvements.
Our Modern Slavery Statement is made in compliance with the 2015 Act of the same name. It states our promise to safeguard people, and the processes in place to facilitate this. It also outlines areas of risk and the training we provide to empower staff to identify such risk. View the findings in the full report.