Investor Relations. The success of our business model begins and ends with investment performance.

• Chair
• Chief Executive Officer
• Senior Independent Director
• Non-executive directors

In accordance with the UK Corporate Governance Code, the Board has adopted a formal schedule of matters reserved for its decision. This document details the issues that must be considered and decided on by the Board and which form the basis of the Board’s core agenda. A link to the full document is provided here and a summary is set out below:

Summary of matters reserved

The Board delegates all decision making on and management of the business to the Chief Executive Officer with the exception of the matters set out below which are reserved for Board decision:

Business purpose, strategy and oversight

• Determining business purpose, values and strategy.
• Monitoring the Company’s culture and its alignment with the Company’s purpose and values.
• Overseeing business and executive management performance against agreed objectives.
• Approving major acquisitions and disposals.
• Approving new business proposals which materially extend beyond the Company’s current business mandate.

Stakeholders

• Ensuring effective engagement with the Company’s shareholders and other stakeholders.

Risk appetite, capital structure, borrowing

• Determining the Company’s risk appetite.
• Agreeing the Group's capital structure, borrowing limits and facilities, annual Budget and Three Year Plan.
• Approving Treasury policies including credit exposures and interest rate and foreign exchange hedging.
• Approving the Value at Risk limit for seeding new investments.

Risk management and internal controls

• Undertaking a robust assessment of the emerging and principal risks facing the Company and reporting to shareholders in the Annual Report on:
  • how the prospects of the Company have been assessed and over what period; and
  • whether the directors have a reasonable expectation that the Company will be able to continue in operation and meet its liabilities over this period.
• Monitoring and reviewing the effectiveness of the Company’s risk management framework and internal controls and reporting on that review in the Annual Report.
• Approving the Company’s capital adequacy submission to the Financial Conduct Authority (the “ICAAP”).

Financial reporting and dividends

• Determining the dividend policy and recommending and declaring dividends.
• Approving, on the recommendation of the Audit & Risk Committee, major accounting policies.
• Approving financial statements, results announcements and trading statements.
• Approving shareholder circulars and notices of meeting.

Board appointments

• Appointing directors.
• Appointing the Company’s auditors.
• Determining the terms of reference and membership of Board Committees.

Remuneration

• Approving, on the recommendation of the Remuneration Committee, the Company’s broad policy on remuneration, the Directors’ Remuneration policy and the Directors’ Remuneration report; and
• Approving the compensation for the non-executive directors and the Chair, subject to such compensation falling within the limits set by the Directors’ Remuneration policy and to the proviso that no director should participate in the approval of his or her compensation; and
• Approving new share incentive plans prior to their submission to shareholders for approval (if required).

Corporate Responsibility

• Approving the Company’s corporate responsibility and charitable giving strategy and Ethics Policy.

Providing a comprehensive induction programme for new directors is essential in order to assist them to become effective in their role as quickly as possible. Man creates a detailed induction programme for each director which is tailored to their individual needs. The programme is built around a series of meetings with Executive Committee members and the heads of key business units covering all aspects of the business. An outline of the main programme with an indication of the topics covered is given below. This is supplemented by additional technical briefings for Audit and Risk and Remuneration Committee members where required.

Induction programme

Board diversity policy

The Company’s articles of association (the ‘Articles’) set out the basis of the Company’s constitution and the rules by which it is run. They are a key element of corporate governance. Amendments to the Articles may only be made by a special resolution of shareholders which requires a majority of at least 75% to vote in favour.
The Articles cover the following main areas:

• Shares including details of the different classes of shares and rights attaching thereto, transfers and share certificates.
• Directors including rules on their appointment and retirement, directors' powers, remuneration and conflicts of interest.
• Shareholder meetings including rules on providing notice, proxy appointment and voting.
• Borrowing powers, dividends, accounting records and shareholder communications.

Articles of association

The risk appetite statements are set by the Board and cover all significant risk categories. They apply to both the investment management functions and Man Group itself. The statements express the Board’s appetite for risk, promote a risk aware culture and set out objectives and boundaries for Man Group’s business.

Summary risk appetite statements