Corporate governance

The Articles of Association of the Company were approved by the Board and adopted by shareholders on
18 May 2010.

Corporate Governance Code compliance

Further information regarding NEXT's position on Corporate Governance can be found in the Corporate Governance section of the latest full year annual report and accounts.

A summary of the work of the principal Board Committees is provided below.

Board committees

Audit Committee

This Committee is chaired by Steve Barber and consists of 3 other Independent Non-executive Directors with at least one Committee member holding recent and relevant financial experience.

The Committee holds regular, structured meetings and consults with external auditors and senior management including internal audit, where appropriate. The Committee frequently requests that executive directors and senior managers attend meetings in order to reinforce a strong culture of risk management and to keep the Committee up to date with events in the business.

The Committee considers financial reporting and reviews the Group's accounting policies and annual statements. In particular, any major accounting issues of a subjective nature are discussed by the Committee. The Committee also reviews internal and external audit activity and the effectiveness of the risk management process; significant risk issues are referred to the Board for consideration.

Download the Audit Committee Terms of Reference.

Remuneration Committee

The Committee consists of the Chairman and 4 other Independent Non-executive Directors. The Committee is chaired by Caroline Goodhall.

Download the Remuneration Committee Terms of Reference.

Nomination Committee

The Committee consists of the Chairman and 4 independent Non-executive Directors, including the Senior Independent Non-executive Director. The Committee meets whenever necessary to consider succession planning for directors and other senior executives to ensure that requisite skills and expertise are available to the Board to address future challenges and opportunities.

External consultants may be used to assist in identifying suitable candidates, based on a written specification for each appointment. The Chairman is responsible for providing a shortlist of candidates for consideration by the Board. The final candidate is then subject to formal nomination by the Committee and approval by the Board.

Download the Nomination Committee Terms of Reference.