The Directors recognise the importance of sound corporate governance. The Company is now a member of the Quoted Companies Alliance (QCA) and has adopted its Corporate Governance Code.
With respect to following the principles of the QCA Code the table below signposts where to look.
The Chairman's statement on Corporate Governance can be read in the annual report and can be read here.
The board comprises of five directors, three Non-Executive Directors (NEDs) who are all considered independent and two Executive directors. The Board has a mix of skills, backgrounds, experience and knowledge. The NEDs have all spent time in stores and head office speaking with employees for an informal view of the business from the ground up. The gives them the ability to constructively challenge strategy and scrutinise performance.
Peter Edward Kenyon (55), Chief Executive Officer
Peter joined Ramsdens in November 2001 as Operations Director and was appointed Chief Executive Officer
in January 2008. Peter led the MBO in 2014 and has been responsible for over 25 acquisitions for the Group.
He is responsible for overseeing all operations of the business and for implementing the Group's strategy. Prior to joining Ramsdens, Peter's early career was with Yorkshire Bank for 17 years. He is a Council Member of the National Pawnbrokers Association and became a director of the Company at the time of the MBO in September 2014.
External appointments - Peter is a director of The National Pawnbrokers Association.
Martin Anthony Clyburn (38), Chief Financial Officer
Martin joined Ramsdens in 2009 and is a Chartered Accountant having previously qualified with respected North East firm, Keith Robinson & Co. Martin joined the board of the Company as Chief Financial Officer in August 2016. Martin is responsible for the Finance, IT and Compliance & Risk functions within the Group. Martin lectured part time at the University of Teesside from 2006 - 2012. Martin holds a degree in MORSE from Warwick University.
External appointments - None.
Andrew David Meehan (65), Non-Executive Chairman
Andy is a highly experienced retail executive with over 30 years’ experience including CEO and CFO roles
at Co-Operative Retail Services, Storehouse plc and Sears plc. For the last 10 years he has held a number
of chairmanships and non-executive positions in several retail and consumer product businesses including
Fortnum and Mason, GHD Group and American Golf. Andy is a Chartered Accountant and holds a degree
in Politics and Economics from Oxford University and has been Chairman of the Company since September
External appointments - Andy is Chairman of University Hospitals Coventry and Warwickshire's charity and NEF Holdings Limited. He is also Pro-chancellor and Deputy Chair of Governors at Coventry University, Chairman of Mayday Trust, Chair of the Council at Coventry Cathedral, a Director of Lanthorne Limited, Polyco Healthline Limited and Cheviot Court (Luxborough Street) Limited.
Simon Edward Herrick (56), Non-Executive Director
Simon joined the board of the Company on 1 January 2017. Simon has significant experience in senior
finance roles including positions as CFO of Debenhams plc, Northern Foods plc, Kesa Electricals plc and
PA Consulting Limited. Since leaving Debenhams, Simon has undertaken consultancy work in a number of sectors, most recently as Interim CEO of Blancco Technology Group PLC. Simon is a Chartered Accountant and holds an MBA from Durham University.
External appointments - Simon is a director of 53Herrick Limited, Herrick Inc Limited, Sports Punk Limited and FireAngel Technology Group Plc.
Stephen John Smith (62), Non-Executive Director
Steve joined the board of the Company on 1 January 2017. Steve retired as CEO of Northgate plc in 2010
after a career with Northgate spanning over 20 years. Since leaving Northgate, Steve has served as a Non-Executive
Director on the boards of various family and private equity backed businesses, including four
positions as Chairman. Steve is a Chartered Accountant and holds a degree in Economics from the London
School of Economics.
External appointments - Steve is a Director and Chairman of Procomm Site Services Ltd and Nixon Hire Ltd.
The Board is responsible for reviewing, formulating and approving the Group's strategy, budgets and corporate actions and oversee the Group's progress towards its goals.
This is formally documented in a schedule of matters reserved for board approval and include;
- Strategy and Business Plans, including annual budget, new stores and acquisitions
- Structure and Capital including dividends
- Financial reporting and controls
- Internal controls on risk management and policies which includes a review of the Group's reputation as an employer, retailer and community stakeholder
- Setting the terms of reference for the Audit & Risk, Remuneration and Nominations Committees
- Significant contracts and expenditure
- Communication with shareholders
- Remuneration and employment benefits
- Changes to the board comparison
Each member of the Board undertakes annually a structured questionnaire style review of the effectiveness of the Board, as a collective and the contribution by each Director. The Chairman then leads specific discussion on the effectiveness of the Board, each member's contribution and how the Board can develop its effectiveness. No major changes to the function and focus of the Board arose from this year's evaluation, however, the findings will be used as the basis of future discussions by the Board, and the Nomination Committee, when considering short and long term succession planning. The Chairman will continue to meet regularly with the Non-Executive Directors without the Executive Directors being present.
There are no plans to change the Board composition at this time and believes that is has the appropriate governance framework and internal controls for a FCA regulated business of its size.
The board has delegated specific responsibilities to the Audit & Risk, Remuneration and Nomination Committees. Each Committee has terms of reference setting out its duties, authority and reporting responsibilities. The terms of reference of each Committee are kept under review to ensure they remain appropriate and reflect any changes in legislation, regulation or best practice. Each committee comprises the three Non-Executive directors.
Audit and Risk Committee
The Audit and Risk Committee is responsible for ensuring that the financial performance of the Group is properly reported and reviewed. Its role includes monitoring the integrity of the financial statements (interim and annual accounts and results announcements), reviewing any changes to accounting policies, reviewing and monitoring the extent of the non-audit services undertaken by external auditors, advising on the appointment of external auditors and reviewing the effectiveness of the Group's internal controls and risk management systems.
The members of the Audit & Risk Committee are:
Simon Herrick (Chair)
The main duties of the Audit and Risk Committee are set out in its terms of reference (click here to read).
Nomination Committee Report
The Nomination Committee is primarily responsible for:
- Identifying and nominating individuals to fill Board vacancies;
- Evaluating the structure and composition of the Board with regards the balance of skills, knowledge, experience and making recommendations accordingly;
- Drafting the job descriptions of all Board members;
- Reviewing the time requirements of the Non-Executive Directors
- Giving full consideration to succession planning
- Reviewing the leadership of the Group
The members of the Nominations Committee are:
Andrew Meehan (Chair)
The main duties of the Nominations Committee are set out in its terms of reference (click here to read).
The Remuneration Committee is primarily responsible for reviewing all senior executive appointments and determining the Group's policy in respect of terms of employment including remuneration packages of Executive Directors. The Committee will meet at least twice a year and at other times as the Chairman sees fit.
The members of the Remuneration Committee are:
Simon Herrick (Chair)
Our remuneration is to:
- Include a competitive mix of base salary, pension, annual bonus and long term incentives, with an appropriate proportion of the package determined by stretching targets linked to the Group's performance;
- Promote the long-term success of the Group in line with our strategy; and
- Provide appropriate alignment between the interests of shareholders and executives including minimum shareholdings.
The main duties of the Remuneration Committee are set out in its terms of reference (click here to read).
Date on which this information was last reviewed: 2nd October 2019