The Board is collectively responsible for promoting Burberry’s long-term success, for setting its strategic aims and ensuring a framework of prudent and effective controls.
Role of the Board
It is the responsibility of the Board to support management in its strategic aims to enable the Company to continue to perform successfully and sustainably for shareholders and wider stakeholders. The Board is ultimately responsible for promoting the long-term success of the Group. It leads and provides direction by setting strategy and overseeing its implementation by management. The Board is also responsible for oversight of the Group’s systems of governance, internal control and risk management.
Specific key decisions and matters have been reserved for approval by the Board. These include decisions on the Group’s strategy, the annual budget and operating plans, major capital expenditure and transactions, and approval of financial results. They also include the dividend and other capital return, the approval of Group’s risk appetite and other governance issues. The matters reserved for the Board’s decision are available here.
The Chairman, Senior Independent Director and Chief Executive Officer also have defined roles and responsibilities, which set out the scope of their roles:
Role of the Board Committees
The Board is supported in its activities by a number of committees:
- Nomination committee
- Remuneration committee
- Audit committee
The terms of reference of each of the principal committees can be viewed here
The Committees can engage third-party consultants and independent professional advisers and can call upon other resources of the Group to assist them in discharging their respective responsibilities. In addition to the committee members and the Company Secretary, external advisers and, on occasion, other directors and members of our senior management team attend committee meetings but only at the invitation of the Chair of the relevant Committee.