Compliance with the UK Governance Code and other requirements
This year, we are reporting under the UK Corporate Governance Code 2018 ("the Code"). The Code consists of an updated set of principles that emphasise the value of good corporate governance to long-term sustainable success. It puts increased emphasis on corporate culture, and the relationships between companies, their shareholders and other stakeholders.
Throughout the year, we have applied the principles of the Code to our decision making and have ensured that there is good co-operation within the Group to enable us to discharge our governance responsibilities effectively. We have communicated our Purpose, Values and strategy across the Group with the CEO engaging with employees in town halls across the globe on our modified Purpose, to “keeping the world flowing for future generations” which reflects our commitment to being a sustainable long term business. We launched our new Values simultaneously in 50 countries on 12 September 2019 and a recent pulse survey has indicated that the Values have been received well by employees, who support and recognise them.
Following the guidance published around the revised Code, the Board has taken the opportunity to review and refresh its existing processes to reflect provisions introduced by the Code, develop new practices and formalise existing practices where appropriate.
Pages 60 to 63 of the Annual Report 2019 contains a summary of the system of corporate governance adopted by Rotork. Download the Annual Report here.