Here at Trifast we believe in effective, entrepreneurial and prudent management, using good corporate governance practice to deliver long-term success for Trifast and all its stakeholders.

We follow the UK Corporate Governance Code which is a set of principles of good corporate governance aimed at companies listed on the London Stock Exchange. It is overseen by the Financial Reporting Council and its importance derives from the Financial Conduct Authority's Listing Rules.

The Board of Directors is appointed to act on behalf of the shareholders to run the day to day affairs of the business.

The Trifast Board is made up of Executive Directors, who work within Trifast, and Independent Non-Executive Directors whose roles are to provide balance and to ensure the Board, as a whole, functions effectively. Where our Executive Directors have an indepth knowledge of Trifast, our non-Executive Directors provide a wider perspective of the world at large.

Directors

How the Board is structured and works

The collective members of the Board plan and make decisions for Trifast, setting the strategic direction, making sure that all risks are managed effectively. Separate Board Committees also exist, mostly made up of Non-Executive Directors, to focus on decision making areas that require an independent opinion.

Audit Committee

Provides effective governance around Trifast's financial reporting and ensures the integrity of its financial statements. Reviews the appropriate accounting policies, monitors internal financial controls, looks at financial risk management and monitors the performance of the external auditor.

Nominations Committee

Regularly evaluates the composition of the Board and the Committees so that each are made up of the right people with the right skills, knowledge, experience and independence. The Committee looks closely at succession planning for executive and non-executive directors and senior management.

Remuneration Committee

The independent members of the Remuneration Committee ensure that a policy exists for the remuneration of the executive directors that is fair, attracts key executives and rewards progress against Trifast's business strategy.

Governance areas of focus during the financial year

Malcolm Diamond

Malcolm Diamond MBE |
Executive Chairman

"The Board monitors the financial performance of the Group and approves and reviews major projects and acquisitions. The Board has formally adopted a schedule of matters which are reserved to the Board for decision. This ensures that it maintains control over appropriate strategic financial organisations and compliance issues to ensure the long term success of the Group"

Neil Warner

Neil Warner |
Audit Committee Chairman

"The Committee has focused on the integrity, completeness and clarity of financial reporting, the areas where judgements and estimates are required in the financial statements and the quality and effectiveness of audit processes to complement the other risk management activities.

The Board and Committee have also focused on the recently introduced governance requirements regarding the Annual Report and consider that, taken as a whole, the 2016 Annual Report (Strategic Report and Governance & financials document) is fair, balanced and understandable with appropriate references being made throughout the various sections to assist shareholders and others to understand the information and disclosures contained within them"

Malcolm Diamond

Malcolm Diamond MBE |
Nominations Committee Chairman

"Appointing the best people to the Board is critical to the success of the Company.

It is clearly evidenced that management development throughout the Group has prospered on the basis of promotion from within. We were delighted that Mark Belton, who has been with the Company for 17 years and CFO for five, and has also played a pivotal role in our successful acquisition activity to date, accepted the promotion to the role of CEO on 1 October 2015.

At the same time, following a 16-year career within one of the top firm of accountants, Clare Foster joined the Group as Group Financial Controller at the start of 2015 and succeeded Mark as Chief Financial Officer and joined the Main Board on 1 October 2015.

On 1 April 2016, Lyndsey Case, our Group Corporate Accountant with 16 years experience with the business took up the role of Company Secretary. These appointments are well deserved to people we acknowledge have the drive, skill sets and experience we look for in our mandate"

Jonathan Shearman |
Remuneration Committee Chairman

"The remuneration policy at Trifast seeks to attract, incentivise and retain those team members who are crucial to executing our business strategy. Within this, we aim to deliver a fitting mix of:

  • fixed and variable compensation
  • cash and equity components"