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 international business.
The Board can confirm that during 2023, it has applied and complied with all of the Principles of the UK Corporate Governance Code (“2018 Code”). In the prior year, 2022, Principle 38, relating to pension contribution rates, was not in full compliance as a transition plan was in place to gradually move to the same rate paid to all members of the pension for the former CEO. However, upon the appointment of Scott Fawcett as CEO on 1 January 2023, Principle 38 was complied with in full as Scott receives the same contribution to his pension as the workforce. From 1 January 2023, the Company has been in full compliance with all provisions of the 2018 Code.
The Corporate Governance report within the Annual Report and Accounts 2023 (the “Annual Report”) addresses each of the pillars of the 2018 Code and provides an explanation to our stakeholders of how we have approached compliance with the 2018 Code. Some of the information that we are required to report on under the 2018 Code is included in the Strategic Report under s414C(11) of the Companies Act 2006 and where that is the case, we have provided a cross-reference to avoid duplication. In all instances, we have provided additional relevant information to provide the fullest picture to stakeholders.