Our committees

What is the role of the audit committee?

The audit committee assists the Board in reviewing and maintaining internal controls, the management of risk and our compliance with the law and regulation.

It monitors and reviews the effectiveness of the Group’s internal audit function.

It also assesses the integrity of all public financial statements before their submission to the Board, ensuring we present a fair assessment of the Group’s ongoing position and prospects.

Any changes in accounting policies are authorised by the committee, which also reviews the objectivity and effectiveness of our external auditors every year.

The committee oversees the Company’s internal code of conduct and monitors our whistle-blowing procedures, through which employees may, in confidence, raise concerns about possible improprieties in areas of financial reporting, financial control and other ethical matters.

The committee is regularly updated on accounting and legislative changes through briefing papers from the auditor, chief financial officer and others.

The finance committee is authorised to approve capital expenditure and make financing decisions for the Group up to authorised limits. On behalf of the Board, the finance committee’s role includes setting, monitoring and reporting on:

• operating plans
• monthly comparison of operating division’s actual financial performance against budget; and
• year-end forecasts

The committee met regularly during the year and the issues discussed include insurance cover and uninsured risks and lease renewals within its delegated authority.

The remuneration committee is responsible for determining the remuneration arrangements for the chair, the executive directors and other members of the executive committee. Details of the composition and role of the remuneration committee are contained in the remuneration report on pages 120 to 142 of our Annual Report 2022, which also summarises the Company’s remuneration policy and contains details of directors’ remuneration.

The nominations committee is responsible for identifying relevant talent and nominating all Board appointments with due regard for the benefits of diversity on the Board, including gender.

The ESG and safer gambling committee assists the Board in the formulation and review of the Group’s strategy relating to ESG and safer gambling matters and provides oversight of the Group’s management of ESG and safer gambling matters.

Rank’s executive committee is not a Board committee. It is responsible for day-to-day trading and is accountable to the chief executive for promoting and developing a profitable, long-term business.