Corporate Governance Report (continued)

Annual Reporting

The Board has considered the recommendations of the Comptroller and Auditor General (C&AG) published on 9th November 2022, following their review of prior year annual reports of States Owned Entities. The Board has further improved the performance reporting, providing transparency on the results for the year against expectation, and disclosing expected profits, for future year comparisons to actual.

A detailed explanation of the risks faced during the year and how they have changed has been presented, as well as a prediction of how risks are likely to change in the future, given the economic uncertainty.

The sustainability report introduced last year, details the change in our carbon footprint since our baseline calculation, given efforts made to reduce the Company’s operating emissions, as well as the ESG strategy approved by the Board during the year, which outlines the focus the Company is giving to meeting its Carbon Neutral and Net Zero targets.

Relations with Shareholder

The Company is wholly owned by the Government of Jersey with the Minister for Treasury and Resources representing the Company’s Shareholder. The Company seeks to comply in full with its governing statutes as the basis for the conduct of its relationship with its Shareholder, with whom it is in regular contact throughout the year.

Ministerial Decisions were made during the year in relation to the approvals of the appointments of Non-Executive Directors, the Ministerial Appointee and of land title transfer of South Hill Former Office Site to the Company.

By order of the Board

Nicholas Winsor Senior Independent Director, XX XXXXX 2023