Strong governance provides a framework for effective decision making and is essential to St. Modwen’s continuing success.
During the year, the Board has worked closely with management to provide support and constructive challenge in what has been an extraordinary time. I would like to thank all members of the Board for their hard work, commitment and support over the past year.
As a Board, we have worked together to respond to the Covid-19 crisis and sought to ensure that the needs of our key stakeholders are taken into consideration in our decision making. Further information on the Board’s approach to Covid-19 and how we have supported our key stakeholders is set out on page 57 of our Annual Report.
I was delighted to welcome Sarwjit Sambhi as Chief Executive Officer on 2 November 2020. Sarwjit’s breadth of experience and leadership capability is of great benefit to the Board. Following Sarwjit’s appointment, Rob Hudson resumed his role as Chief Finance and Operations Officer, having been the Company’s Interim Chief Executive since the departure of Mark Allan on 13 April 2020. On behalf of the Board, I would like to thank Rob for his hard work and dedication to the role and for his sound leadership of the Executive Committee during this time.
I was pleased to welcome Dame Alison Nimmo to the Board on 1 February 2021. Alison’s appointment adds exceptional experience to our strong Board. Alison’s skills mean that she is well suited to support and positively challenge the delivery of our strategy over the next few years.
Culture and purpose
While the past year has presented its challenges, I am proud of the way in which our employees have risen to meet those challenges and clearly demonstrated the culture of St. Modwen in action. Our continued focus on a positive culture of empowerment and accountability has meant that colleagues have each understood and played their part in driving the business forward. Our purpose of ‘Changing places. Creating better futures’ and our five core values remain central to defining how we do business and how we interact with our stakeholders.
Engagement with stakeholders
During the year, the Board has considered the complex issues presented by the Covid-19 pandemic and our decision making has been shaped by considering our purpose and values, and how our decisions affect our key stakeholders.
Examples of how we have considered key stakeholders in our discussions and decision making throughout the year can be found on pages 58 and 59 of our Annual Report.
The key activities of the Board are detailed on page 56 of our Annual Report. In this section of the annual report we describe the way in which the Company is governed including the activities of the Board and its committees. This year is the first year that we are required to report under the 2018 UK Corporate Governance Code (Code).
This year, the Board and Committee evaluations were managed internally and the results of the Board evaluation were discussed by the Board in November 2020. The evaluation identified areas of focus for 2021including the need to consider additional opportunities for workforce engagement, succession planning and a review of lessons learned from the Covid-19 crisis.
Further information on the Board evaluation can be found on page 60 of our Annual Report.
8 February 2021