Corporate Governance
Hunting PLC is committed to high standards of corporate governance, corporate responsibility and risk management in directing and controlling the business. The principal governance rules which apply to UK companies listed on the London Stock Exchange are contained within the Combined Code on Corporate Governance ("the Code") as issued by the Financial Reporting Council in June 2008. The Company's compliance to the Code throughout the year ended 31 December 2009 is described within the Annual Report.
Click here to view the 2009 Corporate Governance Report
Board of Directors
The Board comprises of the Chairman, Chief Executive, Finance Director and three non-executive directors who have a wide range of complementary skills and experience.
Click here to view biographical details of the Directors
The Chairman of the Board is Richard Hunting. The Chief Executive is Dennis Proctor, the Finance Director is Peter Rose and John Hofmeister is the Senior Independent Director.
There is a clear division of responsibility between the Chairman and the Chief Executive. The Chairman is responsible for ensuring the effective leadership of the Board and ensuring high standards of corporate governance are adhered to. The Chief Executive is responsible for executing the Board's strategy and managing the day to day activities of the Group. This is reinforced in a written statement which has been agreed by the Board.
Click here to view Written Statement of the Division of Responsibilities
The Board believes that there is an appropriate balance of executive and non-executive directors on the Board, without one individual or small group dominating the board's decision-making process. It has also determined its non-executive directors to be independent in character and judgement.
The Board has ultimate responsibility for the conduct of the Company's business and its duties include approval of the Group's commercial strategy, review of the Group's system of internal controls and assessing its effectiveness, approval of annual budgets and appointments to the Board.
Board Committees
The Board has three main committees to which it delegates responsibility for the oversight and review of activities within its terms of reference.
Nomination Committee
The Nomination Committee's responsibilities include leading the process for Board appointments, reviewing the terms of service for new appointees.
Nomination Committee Terms of Reference
Audit Committee
The Audit Committee's responsibilities include monitoring the integrity of financial statements, reviewing significant financial reporting issues and monitoring and recommending to the Board the appointment and reappointment of the external auditors as well as assessing their independence.
Audit Committee Terms of Reference
Remuneration Committee
The Remuneration Committee's responsibilities include agreeing with the Board the framework or broad policy for the remuneration of executive directors and other senior executives, for agreeing specific remuneration packages for each of the executive director and reviewing the design of any performance related long-term incentives.
