The Board has three principal committees, each of whose terms of reference are available from the Governance download centre. All committees and all Directors have the authority to seek information from any Group Director or employee and to obtain professional advice.
For more information, please see our latest Annual Report.
The Committee members have been selected to provide the wide range of financial and commercial expertise necessary to fulfil the Committee’s duties and responsibilities. The Board considers the Committee members’ financial experience to be recent and relevant for the purposes of the UK Corporate Governance Code.
The primary function of the Committee is to assist the Board in fulfilling its oversight responsibilities. This includes reviewing the financial reports and other financial information before publication. In addition, the Committee also reviews the systems of internal controls on a continuing basis, with respect to finance, accounting, risk management, compliance, fraud and audit that management and the Board have established.
The Committee has responsibility for the financial reporting processes, along with reviewing the roles and effectiveness of both the internal store assurance team and the external auditor. The ultimate responsibility for reviewing and approving the annual and other accounts remains with the Board.
The Nomination Committee is appointed by the Board and it comprises the Chairman of the Board and all of the Non-Executive Directors. The Chairman does not chair or attend when the Committee is considering matters relating to his position, in which circumstances, the Committee is chaired by an independent Non-Executive Director, usually the Senior Independent Director.
The Committee keeps the composition of the Board under review, makes recommendations on its membership and monitors succession planning for Directors. It also evaluates Board and Committee performance. The Committee adopts a formal, rigorous and transparent procedure for the appointment of new Directors to the Board.
This report sets out the remuneration policy for the Directors of Safestore Holdings plc and discloses amounts paid to them over the course of the financial year. This is comprised of the following three sections:
- this Annual statement, summarising and explaining the major decisions on, and any substantial changes to, Directors’ remuneration in the year;
- the Directors’ remuneration policy, which sets out the three-year Directors’ remuneration policy for the Company, which became formally effective from the 2014 AGM. While disclosure of this part of the report is not required this year, this section has been repeated from last year in line with best practice; and
- the Annual report on remuneration, which sets out the remuneration earned by the Group’s Directors in the year ended 31 October 2015, together with how the policy will be implemented in the year ending 31 October 2016.
The Annual statement and Annual report on remuneration will be subject to an advisory shareholder vote at the forthcoming 2017 AGM. No changes are being made to the Directors’ remuneration policy.