GPE Annual Report 2022

Page 83

Introduction from the Chair

A strong governance framework with robust supporting processes across the Group, and with high standards set from the top, is a key factor in our delivering sustainable business performance, generating value for shareholders and contributing to wider society.” Richard Mully Chair

I am delighted to introduce this year’s Corporate Governance report for the financial year ended 31 March 2022. The Board recognises that how the Group does business is as important as what it does. A strong governance framework with robust supporting processes across the Group, and with high standards set from the top, is a key factor in our delivering sustainable business performance, generating value for shareholders and contributing to wider society. A key part of the Board’s role is to provide entrepreneurial leadership, with appropriate oversight, challenge and support to management. At GPE, the Board’s support, advice and interaction extends beyond the boardroom, supporting our efforts to promote and monitor culture and ensure its alignment with our purpose, values and strategy.

Board focus and oversight Key areas of the Board’s focus during the year included the evolution of our strategy and operations, stakeholder engagement, supplementing our experienced team with new skills and diverse talent, advancing our Roadmap to Net Zero Carbon and our Social Impact Strategy, and enhancing our culture through our ‘Customer first’ approach and our diversity and inclusion agenda. Further details can be found in ‘What we did in 2021/22’ on pages 96 and 97.

2018 UK Corporate Governance Code and s.172 reporting This report demonstrates how we have applied the principles and complied with the provisions of the UK Corporate Governance Code 2018 (the Code) during the year and our approach to governance in practice. Our Code compliance statement can be found on page 80. Details of how the Board has discharged its duty under section 172 of the Companies Act 2006 can be found on pages 62, 94, 96 and 97.

Board composition Succession planning is an important part of our governance processes. Furthermore, as our strategy evolves, so too do the skills and expertise required for our Board. Having identified a need to strengthen the Board’s operational, customer service and digital expertise, we were pleased to welcome Mark Anderson and Emma Woods to the Board from 1 September 2021 and 1 February 2022 respectively. Search processes are ongoing for at least one additional Non-Executive Director to bring additional technology and data experience and with the aspiration of further strengthening the Board’s diversity.

Wendy Becker will be stepping down from the Board, and as Chair of the Remuneration Committee, from the conclusion of the 2022 AGM to focus on her other commitments. On behalf of the Board, I would like to thank Wendy for her significant contributions to the Board and its Committees over the past five years. From the conclusion of the 2022 AGM, Wendy will be succeeded as Chair of the Remuneration Committee by Emma Woods and, as we announced in August 2021, Vicky Jarman will succeed Nick Hampton as Chair of the Audit Committee. Emma and Vicky will each bring valuable experience to their new respective roles. I would also like to thank Nick for his excellent leadership of the Audit Committee since 2016. Nick will remain a member of the Audit Committee, the Remuneration Committee (to which he was appointed from 1 September 2021) and the Nomination Committee. We were also delighted to welcome Dan Nicholson to the Board from 6 September 2021 as an additional Executive Director with responsibility for Portfolio Management and Development Management. Dan has extensive real estate experience and brings further operational firepower and strategic support to the executive team as we grow both our development and flexible office activities. Further details regarding these changes, and our Board appointment processes, can be found in the Nomination Committee report on page 102.

Diversity and inclusion The Board continues to focus on strengthening diversity and inclusion at GPE, both in relation to the Board and more broadly throughout the organisation. A diverse Board and workforce, which is representative of our customers, is a strategic imperative as we enhance our customer approach and develop our operations to meet the evolving needs of a diverse customer base. We believe that strengthening our diversity and inclusion will lead to a more profitable, successful and innovative organisation.

Annual Report 2022 Great Portland Estates plc 81

Governance

Dear fellow shareholder


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