“Regular themes for the Board were strategy, resources, performance, governance and in particular risk.”
Dan O'Connor, Chairman
Good governance is needed to ensure that oversight is properly exercised within our business, it is an essential pre- requisite to underpin the sound decision-making needed to drive forward our new business initiatives and transformational change.
This is particularly true when these activities are taking place against a backdrop of increased competition and regulatory scrutiny.
Solid decision-making processes and careful oversight have been a core part of our existing operations for many years. They are at the heart of our new initiatives too. Taking existing experience and embedding it into our new projects from the outset simply reﬂects and builds on the way we operate.
We run a well-managed, responsible business within a clear governance framework. Our Board leads and controls the company, and is committed to maintaining high standards of corporate governance.
We have a governance structure and a set of commitments and internal procedures to manage the social, environmental, ethical and governance issues in our markets that impact on, or result from, our operations. Our Ethics Code outlines our commitments to our stakeholder groups, sets out our standards of conduct and includes our obligations to responsible business practice, specifically in relation to treating customers fairly, human rights, fraud, corruption and conflicts of interest.
Effective oversight and support monitoring the transition to the new regulatory regime introduced in Poland in March 2016.
The wind down of the business in Slovakia progressed ahead
Strong growth delivered in IPF Digital.
Evolved strategy embedded in the business.
Board oversight and management challenge supported improved performance in Mexico in the second half of the year following a performance materially below our expectations in the first half.
Efficiency programme implemented.
Strategic people review processes and leadership development programmes operated across the Group.
Monitor the impacts of potential new regulation and tax audits on the Polish business and overall Group trajectory.
Continue to oversee the turnaround of performance in Mexico and obtain evidence that this is sustainable and maximises growth.
Support the growth of IPF Digital gaining assurance that it has the financial and leadership resources commensurate with its growth ambitions.
Continued monitoring of leadership, development and succession planning through our People and Organisational Planning process.
Focus on efficiency through the use of technology, reviewing commitment to expenditure on technology.
Support the executive team to deliver clear and consistent strategic communications to external stakeholders.