Board leadership and company purpose
The Role of the Board
The Board is responsible for the long-term sustainable success of the Company, by ensuring that CVS Group plc, its subsidiaries and all its businesses (the Group) are managed for the long-term benefit of all shareholders, while having regard for employees, customers, suppliers, and our operational impact on the community and environment. It sets the Group’s purpose, strategy and values and is accountable to shareholders for ensuring that the Group is appropriately managed and achieves its objectives in a way that is supported by the right culture and behaviours. The Board sets the Group’s risk appetite, and reviews the controls applied to operate the business in line with that appetite. It determines, monitors and oversees risk management processes, financial controls and audit processes to ensure the Group operates effectively and sustainably in the long term.
Our Purpose, Culture & Strategy
The Board has overall responsibility for establishing the Group’s purpose, culture and strategy to deliver the long-term growth of the Group and generate value for shareholders. The Board is committed to the delivery of our clear strategy and our vision to be the veterinary company people most want to work for. Good corporate governance facilitates clear delegation of authority from the Board through to our Executive Committee and Senior Leadership Group, and beyond, to promote clear disciplined decision- making and ensure the effective execution of our strategic priorities. This is explained in the Strategic Report section of the 2020 Annual Report. The Board has overseen the strengthening of our organisational capabilities and enhanced the governance framework with the development of our Executive Committee through the appointments of a new HR Director and the addition of a Chief Technology Officer. These appointments have ensured that the Group has the right capabilities in terms of scale and complexity, as we continue to grow. Over the next year, the Board will be focused on ensuring we deliver on the strategic priorities that underpin our four key strategic pillars.
The Board acknowledges that it is accountable to stakeholders for ensuring that the Group is appropriately managed and achieves its objectives in a way that is supported by the right culture and behaviours. The Board is responsible for ensuring that its activities reflect the culture of the Group, set the tone from the top and drive the right behaviours with our employees.
CVS Group plc is committed to communicating openly with its shareholders to ensure that its strategy and performance are clearly understood. The Executive Directors hold regular meetings with institutional investors, private client brokers, individual investors, fund managers and analysts to discuss information made public. The Chairman and the Non-Executive Directors are available to shareholders on all matter relating to governance and strategy. They may be contacted through the Company Secretary at firstname.lastname@example.org.
The Board understands the importance of engaging with our stakeholders and we have continued to keep their interests at the forefront of our decision-making throughout the year. More information on how the Board engages with stakeholders can be found on pages 18 and 19 of the 2020 Annual Report.
The Board has delegated responsibility for overseeing the effectiveness of the Group’s internal controls and risk management systems to the Audit Committee. More information can be found in the Audit Committee Report on pages 61 and 62 of the 2020 Annual Report. Whistleblowing procedures are embedded throughout the business and more details are available in the Audit Committee Report. The Board has effective procedures in place to monitor and deal with conflicts of interest.