PM Group’s Board of Directors has delegated responsibility for the management of the company, through the Chief Executive, to executive management. The roles of Chairman and Chief Executive are not combined and there is a clear division of responsibilities between them.
Dave Murphy, the Chief Executive is accountable to the Board for all authority delegated to executive management. The Board operates to standards of governance based on a Board Guidelines document. These guidelines are similar to those in public companies.
There is a formal schedule of matters reserved for consideration and decision by the Board. This includes approval of strategic plans for the Group, Board appointments, approval of financial statements, the annual budget, major acquisitions and significant capital expenditure and review of the Group's system of internal controls.
PM Group maintains a high representation of non-executive directors within its Board, and the Chairman is a non-executive. Individual Directors may seek independent professional advice, at the expense of the Company, in the furtherance of their duties as Director.
The Board has established a number of committees to assist in the execution of its responsibilities. These are the Acquisitions Committee, the Audit, Risk and the Finance Committee (composed of only Non-Executive Directors), and the Nomination, Governance and Remuneration Committee. Ad hoc committees are formed from time to time to deal with specific matters.
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