GKN is fully committed to high standards of corporate governance and supports the principles of the UK Corporate Governance Code.
GKN and Governance
We believe that good governance is essential for GKN to support sustainable growth and provide long term shareholder value.
To help us achieve these objectives we have a robust governance framework that promotes an effective and diverse Board, sets the operational and behavioral standards of the Group and aligns the actions of management with the interests of shareholders.
Further details of our governance framework, together with a description of how GKN has applied the principles of the Code, can be found in the Governance section of our latest annual report.
The Board has established five standing Committees to review certain matters in more detail and ensure independent oversight of key issues.
The Audit & Risk Committee, Remuneration Committee, Nominations Committee, Executive Committee and Disclosure Committee have formally delegated responsibilities and are governed by written terms of reference. From time to time separate committees may be set up by the Board to consider specific issues when the need arises.
The Remuneration Policy is required to be put to a binding shareholder vote at least once every three years.
Our current Remuneration Policy, as shown in the attachment below, was approved by shareholders at the 2014 AGM. All payments by GKN to a prospective or current Director and all payments for loss of office to a current or former Director must be made in accordance with the terms of this Policy unless such payments are approved by a shareholder resolution.
Payment to Former Directors
Statements made by the Company in accordance with section 430 (2B) of the Companies Act 2006 are set out below.
Articles of Association
Our governance and risk framework synchronises information and activity across our governance, risk management and compliance functions and enables us to identify, measure, monitor and respond to risk whilst avoiding wasteful overlaps.