Corporate Governance

Introduction


AssetCo plc (“AssetCo” or the “company”) uses the QCA Corporate Governance Code, as far as it is applicable to the company, as a guide to its approach to corporate governance. (Previously, the company used the provisions of the UK Corporate Governance Code published in April 2016 as a guide, but only as considered appropriate in the circumstances of the company.)


Governance principles


 

1. Promoting value for shareholders


The principal activities of the company and its strategy are explained in the Strategic Report section of the Annual Report and in the Chairman’s Statement in both the Annual Report and the Interim Statement.
 

2. Meeting shareholder needs and expectations


The company, through the chairman, has regular contact with its institutional shareholders. The board supports the principle that the annual general meeting be used to communicate with private shareholders and encourages them to participate.


3. Taking into account wider stakeholder and social responsibilities


The vast majority of the company’s employees, customers and suppliers are located in the United Arab Emirates (“UAE”). The company ensures that it complies with all laws and regulations governing employment standards and occupational health, safety, environmental and other matters within the jurisdiction within which it operates.


4. Embedding risk management


The board considers regularly the risks relating to AssetCo’s activities. Details of the principal risks and uncertainties facing the company are set out in the Strategic Report section of the Annual Report.
 

5. Maintaining the board


The composition of the board (Chairman plus two independent, non-executive directors) is considered to be appropriate in the view of the small size and lack of complexity within the company.
There are three board committees, all chaired by a non-executive director. Details of the working of these committees is set out in the Directors’ Report section of the Annual Report.
 

6. Ensuring directors have the necessary capabilities

 
Individual directors have a wide range of qualifications and expertise to bring to board debates. Biographical details of the directors are available in the Board of Directors section of the Annual Report.
 

7. Evaluating board performance


In view of the small size of the board, there is no formal board evaluation process.


8. Promoting ethical corporate values and behaviours


The board, through the chairman, seeks to maintain high ethical standards, within its UAE operation as well as in the UK, including in its dealing with customers and suppliers.


9. Maintaining governance structures and processes to support decision-making


The board is responsible for the company’s system of internal control and reviewing its effectiveness. The procedures for planning and monitoring the operational and financial performance of the company, as well as its compliance with applicable laws and regulations are set out in the Directors’ Report section of the Annual Report.
 

10. Communicating corporate governance


The principal method of communicating the company’s corporate governance process and principles is the Annual Report, which is sent directly to all shareholders (unless they have specifically requested only electronic communication), and is available to other stakeholders and the general public on the company’s website. The annual general meeting also provides an opportunity for shareholders to address corporate governance matters.