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Corporate governance

The Board of Associated British Foods plc believes that good corporate governance represents essential protection for the Company’s shareholders and remains committed to maintaining high standards of business ethics and integrity across the Group, recognising these to be vital to the sustainable long-term performance of the Company.

Michael McLintock sets out a personal view on developments in the Corporate Governance section of the Annual Report and Accounts 2021.

The Board

The Board of Directors takes collective responsibility for the overall management and performance of the Company.

 

The role of the Chairman and Chief Executive

The roles of the Chairman and the Chief Executive are separately held and the division of their responsibilities is clearly established, set out in writing, and agreed by the Board to ensure that no one has unfettered powers of decision-making.

The Chairman is responsible for the operation and leadership of the Board, ensuring its effectiveness and setting its agenda. The Chief Executive is responsible for leading and managing the Group’s business within a set of authorities delegated by the Board and for the implementation of Board strategy and policy.
 

The role of the Senior Independent Director

The purpose of this role is to act as a sounding board for the Chairman and to serve as an intermediary for other directors where necessary. The Senior Independent Director is also available to shareholders should a need arise to convey concerns to the Board which they have been unable to convey through the Chairman or through the executive directors.
 

Board committees

The Board has established three principal board committees, to which it has delegated certain of its responsibilities. These are the Audit, Nomination and Remuneration Committees.

 

Policies

To guide and promote good governance and ethical behaviour across our Group, we maintain a series of policies. These guide our actions and those of our employees, suppliers and partners.

 

Risk management and internal control

The Board acknowledges its overall responsibility for monitoring the Group’s risk management and internal control systems to facilitate the identification, assessment and management of risk and the protection of shareholders’ investments and the Group’s assets. The directors recognise that they are responsible for providing a return to shareholders, which is consistent with the responsible assessment and mitigation of risks.

 

UK subsidiaries' statement

Some of the Group’s UK subsidiaries do not have their own website but may be required to put certain statements such as a Section 172 Statement or Corporate Governance Statement (where relevant) on a website.  Links to such statements can be found in this section.


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