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Corporate Governance

Rebecca Adlington OBE – Speakers and Legends

Policies & Controls

The Board recognises the importance of effective communications with the Company’s shareholders to ensure that its strategy and performance is understood and that it remains accountable to shareholders.

The Company communicates to investors through Interim Statements, audited Annual Reports, press releases and the Company’s website (www.tlaww-plc.com). Shareholders are welcome to the Company’s AGM (notice of which is provided with this report) where they will have the opportunity to meet the board. The Company obtains feedback through its brokers on the views of institutional investors on a non-attributed and attributed basis and any concerns of major shareholders would be communicated to the Board.

Internal Control

The Board acknowledges its responsibility for establishing and maintaining the Group’s internal control and will continue to ensure that management keeps these processes under regular review and improves them where appropriate.

Management structure

There is clearly defined organisational structure throughout the Group with established lines of reporting and delegation of authority based on job responsibilities and experience.

Financial reporting

Monthly management accounts provide relevant, reliable, up-to-date financial and non-financial information to management and the Board. Annual plans, forecast and performance targets allow management to monitor the key business and financial activities and the progress towards achieving objectives. The Board approves the annual budget.

Monitoring of controls

It is intended that the Audit Committee receives reports from the auditor and assures itself that the internal control environment of the Group is operating effectively. There are formal policies and procedures in place to ensure the integrity and accuracy of the accounting records and to safeguard the Group’s assets. Significant capital projects and acquisitions and disposals require Board approval.

Corporate social responsibility

The Board recognises the growing awareness of social, environmental and ethical matters and it endeavors to take into account the interests of the Group’s stakeholders including investors, employees, suppliers and business partners when operating the business.

Employment

At a subsidiary level each individual company has established polices which addresses key corporate objectives in the management of employee relations, communications and employee involvement, training and personal development and equal opportunity. The Board recognises its legal responsibility to ensure the wellbeing, safety and welfare of its employees and to maintain a safe and healthily working environment for them and for its visitors. Health and Safety is on the agenda for regular scheduled plc Board and Operational Board meetings.