which operates as a single team, is made up currently of the
part-time Chairman, five executive and seven independent
non-executive directors. It meets every month, except in August.
Its principal focus is the overall strategic direction,
development and control of the group.
The non-executive directors provide a
strong independent element on the Board. Sir Anthony Greener,
the Deputy Chairman, is the senior independent director. The
non-executive directors bring experience and independent
judgement, gained at the most senior levels, of international
business operations and strategy, marketing, technology,
communications and political and international affairs.
The principal Board committees are the:
*Comprising solely independent
Internal control and risk management
The Board is responsible for the
groupís systems of internal control and risk management and
for reviewing the effectiveness of those systems. Such systems
are designed to manage, rather than eliminate, the risk of
failure to achieve business objectives; any system can provide
only reasonable and not absolute assurance against material
misstatements or loss.
Risk assessment and evaluation takes place
as an integral part of the groupís annual strategic planning
cycle. The group has a detailed risk management process which
identifies the key risks facing the group and each business
unit. These processes have been in place for the whole of the
2003 financial year and have continued up to the date on which
this document was approved.