Reporting and governance

Governance

1. 01

   Board of the holding company

   Four seats: the founder, two independent directors and the group finance lead. It approves acquisitions, disposals and any commitment above the group capital threshold.

2. 02

   Investment committee

   Meets fortnightly. Every acquisition passes a written thesis, a downside case and an operator plan before capital moves.

3. 03

   Company boards

   Each held company keeps its own board with a group-appointed chair. Managing directors report to that board, not to the centre directly.

4. 04

   Audit and risk

   Annual external audit at holding level, quarterly management accounts from every company, and a single consolidated risk register reviewed twice a year.