Board Diversity Policy
Introduction
At Chesnara plc, we are committed to ensuring that we uphold our principles of diversity and inclusion. For us, this starts at the top with our Board of Directors (the ‘Board’). We recognise and embrace the benefits of having a diverse Board in delivering our strategic objectives.
We believe that a truly diverse Board includes and makes good use of different skillsets, regional and industry experience, background, race, gender and the other distinctions that make people themselves. It’s why we consider these factors among several others in determining the optimum composition of the Boards within the Group when possible.
Our independent Board Nomination and Governance Committee (NomCo) aims to include and utilise difference in the skills, background, ethnicity, gender, age, disability, education, professional, regional and industry experience along with other qualities brought by individuals in determining the optimum composition of the Board and its committees.
The success of our business begins with the individuals in it, which is why we also recognise the benefits of individual personal strengths and behavioural diversity, such as the temperament, perception and approach of individual directors or their ability to listen or forge relationships and trust. To learn more about the current composition of the Board of Directors, including the specialisms of each of our board members and their business interests, click here.
Process for appointing individuals
It is important to us that people understand how individuals are appointed to the Board.
Our NomCo reviews and assesses the composition of our Board, its committees (in consultation with the committee chairs) and the directors and senior executives on its behalf and recommends the appointment of new members. NomCo also oversees the annual review of Board effectiveness wherein it considers the balance of skills, experience, independence, knowledge and diversity representation of the Board, among other factors. More information on the operation of NomCo, including its composition, aims and responsibilities, can be found here.
In reviewing Board composition, NomCo considers the benefits of diversity in order to maintain an appropriate range and balance of skills, experience and background. In identifying suitable appointees, NomCo considers candidates on merit against objective criteria and with due regard to the benefits of diversity.
During this process, NomCo seeks to assure itself that the Board does not operate any barriers that prevent minority groups being considered or appointed where the requisite skills and experience requirements are otherwise met.
Our Aims
As part of our commitment to maintaining market-leading practices we have continued to increase our targets in relation to gender diversity within our Board.
At the time of this statement, building on from our 33.3% gender diversity measurable target, we have set out to achieve at least 40% representation of identified male and female membership on the Board by 31st December 2025. This target is in line with the FTSE Women Leaders Review, which itself targets this by 31st December 2025.
In addition to this target, we aim to have a female appointee to at least one of the key senior roles of Chair; Senior Independent non-executive Director; Group CEO or Group CFO and to have at least one member of the Board be from an Ethnic minority background. We are continually reviewing these targets, ensuring that our standards remain market leading.
Please follow this link to learn more about the actual levels of gender diversity within the board and other information about its composition as disclosed in our Annual Report & Accounts. Within our Annual Report, we also disclose the level of gender parity in our executive management team and show how this has changed compared to the previous year, which can be found here.
Reporting
NomCo reports annually in the Corporate Governance section of the Annual Report & Accounts on the process it has used in relation to Board appointment, which can be found here. The report includes a summary of our internal Board Diversity policy, the measurable objects set for its implementation and progress made towards achieving those objectives.