Governance
Combined Code compliance
Throughout the year to January 2008 the Group complied with the provisions set out in Section 1 of the June 2006 Financial Reporting Council Combined Code on Corporate Governance.
Further information regarding Corporate Governance can be found in the Corporate Governance section of the Next plc 2008 Report and Accounts.
A summary of the work of the principal Board Committees is provided below.
Board committees
Audit Committee
The Committee consists of five independent non-executive directors including the senior non-executive director and at least one member with recent and relevant financial experience.
The Committee holds regular, structured meetings and consults with external auditors and senior management where appropriate. 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 the effectiveness of the risk management process and 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 five independent non-executive directors. The Committee, which is chaired by the senior non-executive director, determines the remuneration of the executive directors and reviews that of senior management.
Download the Remuneration Committee Terms of Reference.
Nomination Committee
The Committee consists of the Chairman and five independent non-executive directors, including the senior non-executive director. The Committee meets as required to fulfil its duties of reviewing the Board structure and composition and identifying and nominating candidates to fill Board vacancies as they arise.
External consultants are 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.