The Board remains fully committed to maintaining high standards of corporate governance and believes that this is key to overall performance and integrity, consistent with our Core Values. The Governance section of the 2014 Annual Report explains how the Company has applied the main principles of Leadership, Effectiveness, Accountability, Remuneration and Relations with Shareholders outlined in the UK Corporate Governance Code (the Governance Code). A copy of the Governance Code is available at www.frc.org.uk.
The Board considers that the Company has fully complied with the provisions of the Governance Code during the year ended 31 December 2014. The Board also believes that good corporate governance extends beyond regulatory compliance and consistently monitors developments in best practice, including guidance published by investor groups.
The Audit Committee is responsible for reviewing the effectiveness of the Group's internal financial controls, monitoring the integrity of the Group's financial statements and internal and external audit functions. The Audit Committee aims to promote high standards of corporate governance by ensuring robust and effective financial controls, reporting and audit.
The Remuneration Committee is appointed by the Board of Directors to oversee and administer various aspects of remuneration and benefits of the executive directors.
The Nomination Committee is responsible for recommending candidates to the Board and ensuring succession plans are in place. The Nomination Committee aims to promote high standards of corporate governance by ensuring that the balance of skills, knowledge and experience of the Board both now and in the future promotes long term value for shareholders.
The Safety, Assurance & Business Ethics Committee is appointed by the Board to oversee the Group's management of Safety and Assurance (including personal security), consistent with its status as the Group's top priority.