The Board has established three formal Committees to which it delegates certain matters in order to assist it fulfil its corporate governance responsibilities.
Each Committee has its own terms of reference, reviewed regularly by the Board as a whole, each of which can be found in the respective tab below.
The Committee oversees the Company's systems for internal control, risk management and financial reporting by providing advice, where requested, and by monitoring and reviewing the effectiveness of policies and internal control systems, including its internal audit function. The Committee also reviews the Company’s external auditor’s independence and objectivity and makes recommendations to the Board relating to the appointment of the Company’s external auditor. The Committee’s Terms of Reference are available to view in the Downloads section of the Leadership and Governance page.
The Committee is responsible for reviewing and evaluating the size, structure and composition of the Board; making recommendations on appointments to the Board; reviewing the leadership needs of the Group; and ensuring that plans are in place for effective succession planning. The Committee’s Terms of Reference are available to view in the Downloads section of the Leadership and Governance page.
The Committee oversees the remuneration arrangements for Babcock's Directors and senior employees across all sectors, making recommendations to the Board regarding the Remuneration Policy to be put before the Company’s Shareholders for their approval at the Annual General Meeting. The Committee is keenly conscious of the importance of having in place a fair remuneration structure, one that strikes a balance between rewarding employees' hard work and Shareholders’ interests. The Remuneration Policy and the Committee’s Terms of Reference are available to view in the Downloads section of the Leadership and Governance page.