The Essentra Board is accountable to all the Company's stakeholders, as well as shareholders, for the standards of governance which are maintained across Essentra's diverse range of international businesses.
Essentra is committed to high standards of corporate governance, corporate responsibility and risk management throughout the Company.
During the year ended 31 December 2016, Essentra was and continues to be subject to the UK Corporate Governance Code (the “Code”) published by the Financial Reporting Council, a copy of which can be found on their website www.frc.org.uk. The edition of the Code published in September 2014 applied throughout the year ended 31 December 2016. The Financial Conduct Authority has yet to change the Listing Rules, and therefore requires that certain compliance statements are made in relation to the edition of the Code issued in June 2010. This report addresses the requirements of both editions of the Code.
Essentra confirms that the Company has complied with the Code throughout the year ended 31 December 2016, with the exception of provision B.6.1.
The Company applies the Code’s principles of openness, integrity and accountability through its own behaviour, corporate governance best practice and by adopting, as appropriate and proportionate for a company of the size and nature of Essentra, recommendations of relevant professional bodies.
The Company’s governance structure, based on the leadership principles of the Code, were reviewed during the year ended 31 December 2016, and in seeking to continuously improve this structure reviewed and updated its Compliance Framework which the Group shall now operate within.
The Board is collectively responsible for the long-term success of the Company and its role is to provide entrepreneurial leadership within a framework of prudent and effective controls, which enables risk to be assessed and managed in the pursuit of the Company’s strategic objectives.
The Essentra Board is accountable to all the Company’s stakeholders for the standards of governance which are maintained across Essentra’s diverse range of global businesses.