Role of the board
The Board which operates as a single team, is made up of the part-time Chairman, the Chief Executive, two other executive directors and six non-executive directors. All non-executive directors during 2012 met, and continue to meet, the criteria for independence as set out in the UK Corporate Governance Code and are therefore considered by the Board to be independent.
The Board is ultimately responsible for the management of the group’s operations in addition to discharging certain legal responsibilities. It has final responsibility for the group’s strategy and for overseeing the group’s performance. Its principal focus is on:
- Growing shareholder value
- Oversight and control
- Corporate governance
It approves BT’s:
- Values, ethics and business policies and practices
- Strategic plans
- Annual budget
- Capital expenditure and investments budgets
- Larger capital expenditure proposals
- The overall system of internal controls, governance and compliance authorities
The Board also oversees internal controls, operating and financial performance and reviews the risk register. These responsibilities are set out in a formal statement of the board's role.