The Board takes collective responsibility for the quality of, and approach to corporate governance by the Company, governance and the systems and procedures by which the Company is directed and controlled. A prescribed set of rules does not itself determine good governance or stewardship of a company and, in fulfilling their responsibilities, the Directors believe that they govern the Company in the best interests of the shareholders, whilst having due regard to the interests of other 'stakeholders' in the Group including, in particular, customers, employees and creditors.
As an AIM listed company, the Directors of Rurelec PLC (the “Company”) have chosen to apply the Quoted Companies Alliance Corporate Governance Code for Small and Midsized Quoted Companies 2018 (the “QCA Code”).
The QCA Code is constructed around ten broad principles and a set of disclosures which notes appropriate arrangements for growing companies and requires companies who have adopted the QCA Code to provide an explanation about how they are meeting those principles through the prescribed disclosures.
|1. Establish a strategy and business model which promote long-term value for our shareholders.|
|2. Seek to understand and meet our shareholders’ needs and expectations.|
|3. Take into account wider stakeholder and social responsibilities and their implications for our long-term success.|
|4. Embed effective risk management, considering both opportunities and threats, throughout the Group.|
|MAINTAIN A DYNAMIC MANAGEMENT FRAMEWORK|
|5. Maintain the Board as a well-functioning, balanced team led by the Chair.|
|6. Ensure that between them the Directors have the necessary up-to-date experience, skills and capabilities.|
|7. Evaluate Board performance based on clear and relevant objectives, seeking continuous improvement.|
|8. Promote a corporate culture that is based on ethical values and behaviours.|
|9. Maintain governance structures and processes that are fit for purpose and support good decision making by the Board.9. Maintain governance structures and processes that are fit for purpose and support good decision making by the Board.Build trust|
|10. Communicate how the Company is governed and is performing by maintaining a dialogue with shareholders and other relevant stakeholders.10. Communicate how the Company is governed and is performing by maintaining a dialogue with shareholders and other relevant stakeholders.|
Details of how the Company complies with the QCA Code Principles are set out in our QCA Compliance Table.
The full text of the Board’s Corporate Governance Report can be found in the latest Annual Report and Accounts (pages 10-14).