The Board recognises its responsibility for the effective management of the Group and supports the highest standards of corporate governance. The Board has worked hard over the years to ensure that comprehensive corporate governance processes have been introduced to the business and that the importance of accountability, transparency, probity and long term business sustainability has been disseminated to all staff, contractors and consultants across the Group.
The Board has adopted the principles established in the UK Corporate Governance Code (the Code) since its Admission to the Official List of the UK Listing Authority in December 2007. The Group has been in compliance with the Code since that date. As a non-FTSE 350 company Record plc is classed as a smaller company under the Code and is therefore not subject to a number of the Code's provisions. In such instances the Board has reviewed the appropriateness of such provisions to the business and in each case has opted not to apply the recommendations of the Code. The Board therefore does not comprise a majority of independent non-executive directors, the annual Board performance evaluation is not externally facilitated and directors are not re-appointed on an annual basis. The Board is satisfied that these decisions are in the best interest of the business and are not detrimental to the high standards of corporate governance they have established for the Group.