To maintain this high standard of governance, the Group Board has adopted the Quoted Companies Alliance (“QCA”) Corporate Governance Code.
We have set out below our approach in relation to complying with each of the ten principles of the QCA Code.
1. Establish a strategy and business model which promotes long-term value for shareholders.
Newable’s purpose is to make a sustainable profit from helping other businesses thrive.
2. Seek to understand and meet shareholders needs and expectations
Newable Limited is a company limited by guarantee with no shareholders. Instead, it has a combination of private and original and new ‘ordinary members’, who are the London Boroughs and the Corporation of London
3. Take into account wider stakeholder and social responsibilities and their implications for long-term success.
Newable publishes at the beginning of each fiscal year its ‘Making an Impact’ report to reflect the social contribution made by Newable’s day to day activities. The report can be found on our website or here.
4. Embed effective risk management, considering both opportunities and threats, throughout the organisation
The Audit Review Committee and its sub-committee, the Group Risk Committee, lead on the formal regular reviews of Newable’s risk processes, risk appetite and risk management information, and makes the appropriate recommendations to the Board.
5. Maintaining the board as well as a well-functioning, balanced team led by the chair
The Group Board of Directors meet formally three times during the financial year, in addition to a number of additional meetings outside the normal course of business to address specific issues or proposals. The Group Board has overall responsibility for leading and controlling Newable and is accountable to the ordinary members for financial and operational performance.
6. Ensure that between them the Directors have the necessary up-to-date experience, skills and capabilities
The Executive and Non-Executive Directors bring together a broad range of business and Government experience and apply independent, objective and informed analysis to discussions and decisions.
7. Evaluate Board performance based on clear and relevant objectives, seeking continuous improvement
The Group Board undertakes an annual self-assessment process, the results of which are reviewed by the Board and the Nominations Committee, which helps to inform future priorities for Board performance development. In addition, the Board, periodically (usually every three years) undertakes a third-party evaluation of Board performance and effectiveness.
8. Promote a culture that is based on ethical values and behaviours
Newable is a values driven business. Our five values have been defined as a result of a Group wide engagement process. The five values are Dream Big, Get Going, Grow Together, Always Improve and Pass it On.
9. Maintain Governance Structures and processes that are fit for purpose and support good decision making by the board.
The Group Board has adopted a formal schedule of matters which detail key aspects of the Company’s affairs and activities; these are presented to the Group Board for decision and or adoption.
10. Communicate how the company is governed and is performing by maintaining a dialogue with shareholders and other relevant stakeholders
Newable communicates with its stakeholders, the original and new ordinary members, through the Annual Report and Financial Statements that are distributed to all stakeholders, the Annual General Meeting (AGM) itself and all are extended the invitation to one-to-one meetings on an annual basis.