The Board is committed to maintaining high standards of corporate governance and adheres to the Quoted Companies Alliance’s (QCA) Corporate Governance Code for small and mid-size quoted companies (the “Code”).
Changes to AIM rules on 30 March 2018 require AIM companies to comply or explain against a recognised corporate governance code by 28 September 2018. The Code was revised in April 2018 and sets out ten broad principles of corporate governance, states what are considered to be appropriate corporate governance arrangements for growing companies and requires companies to provide an explanation about how they are meeting the principles through certain prescribed disclosures.
The Chairman leads the Board and is responsible for its overall effectiveness in directing the Company. He manages the Board agenda and ensures that all Directors receive accurate, timely and clear information and effectively contribute their various talents and experience in the development and implementation of the Company’s strategy. He ensures that the nature and extent of the significant risks the Company is willing to embrace in the implementation of its strategy are challenged and determined by the Board. The Chairman is responsible for ensuring that the Board implements, maintains and communicates effective corporate governance processes and for promoting a culture of openness and debate designed to foster a positive governance culture throughout the Company.
The Board has considered how each principle is applied and provides below an explanation of the approach taken in relation to each and how they support the Company’s medium to long-term success.
The Board considers that it does not depart from any of the principles of the QCA Code.
Principle 1: Establish a strategy and business model which promote long-term value for shareholders
LiDCO aims to capitalise on its market-leading position in hemodynamic monitoring in the UK by growing revenues and profitability in the sale of medical devices and related accessories in the US, Europe and selected markets in Asia. The Group’s strategy is to seek to grow the available market for its products as well as its market share, by providing leading differentiated commercial and technical solutions to its customers.
The Group’s customers are acute care physicians and nurses working in major hospitals caring for emergency and high-risk patients. Hospitals are migrating away from invasive technologies towards the use of less invasive monitoring, which has been shown to be more cost effective and improve outcomes. Use of LiDCO monitors in high-risk patients in both intensive care and surgical settings has been shown in numerous independent studies to reduce mortality, complications, length of hospital stay and improve quality of life.
The key features of the business model:
Revenues are principally generated through the sale of single-use consumables and / or the sale of usage licenses into a growing installed base of LiDCO-enabled monitors.
The recurring revenue income stream is protected through having patented products with high levels of proprietary intellectual property which are subject to on-going development.
LiDCO customers are provided with first-class training and education. This helps entrench the technology and reduce hospitals costs, with a focus on providing LiDCO with a sustainable recurring income.
Sales of LiDCO products are supported by over 200 clinical studies and an ever-growing body of evidence to satisfy purchaser requirements for clinical and cost effectiveness.
LiDCO single-use products are produced in high volume with low cost manufacturing processes and have a high margin.
Incorporated in the latest monitor platform is LiDCO’s highly differentiated High Usage Programme (HUP).
HUP is a software license fee offering that enables customers to use LiDCO’s non-invasive and minimally invasive technology for a fixed flat fee without limiting patient numbers. The HUP mode enables the monitor to function without any requirement for dedicated consumables, meaning that the Group can provide unlimited usage whilst maintaining high gross margins.
Until HUP was introduced by LiDCO, all hemodynamic monitoring was charged on a per patient basis, either through fees or through charging for consumables. The Directors believe that this has limited the use of monitoring, despite multiple studies having demonstrated its significant benefits to patients and reduction of overall healthcare costs. The Board believes that LiDCO’s HUP proposition to the customer is simple and compelling, allowing hospitals to treat more patients for a reduced cost per patient and for a known fixed cost.
LiDCO’s technology, coupled with the Group’s low-cost manufacturing and product sourcing skills, combine to produce a highly differentiated, patent-protected monitor with a recurring income stream either from the sale of dedicated high margin single patient use disposables and / or usage licenses.
LiDCO monitors are ‘platform’ in design. This means they can be easily and cost-effectively upgraded to add new software features and parameters by the addition of USB-connected modules.
Challenges to executing the strategy
The key challenges to executing the strategy are as follows:
Health service budgets – the Group’s performance is affected by governments’ and hospitals’ expenditure and any associated or developing, budgetary constraints. The Group mitigates this risk by targeting a wide geographical area for its products and reducing its overall reliance on one market as well as by educating customers about the value proposition of its products. In addition, in the Group’s direct markets, it offers flexible models for purchasing. The Group focuses its efforts on sales opportunities where budgets are likely to be available. The Group aims to mitigate the effect of overall healthcare budgetary constraints by continuing to offer products and services with tangible health outcomes and economic benefits to its customers. In selected instances the introduction of HUP will benefit both customers and LiDCO by extending the use of hemodynamic monitoring and its associated benefits.
Competitive environment – Whilst the number of direct competitors is small, some of these are large companies with greater resources than LiDCO. These risks are mitigated by ensuring continued improvement of the Group’s products to keep them at the forefront of developments and pursuing technology leadership. Through both differentiation from competitors, and continually drawing clinicians’ attention to the advantages of LiDCO’s technology, the positive outcome benefits of hemodynamic monitoring using LiDCO solutions can be demonstrated through clinical studies. The HUP offers a differentiated pricing model which enables LiDCO to offer solutions not currently offered by its competition.
Principle 2: Seek to understand and meet shareholder needs and expectations
The Group seeks to maintain and enhance good relations with its shareholders. The Company’s interim and annual reports are supplemented by capital market presentations and through public announcements to the market on technological, commercial and financial progress.
The Chief Executive Officer and the Chief Financial Officer are primarily responsible for maintaining dialogue with shareholders, supported by the Company’s broker and financial PR advisers. The CEO and CFO hold both one-to-one and group meetings with shareholders and the investing community following the announcement of the annual and interim results. The Chairman also attends a number of these group meetings. Following these meetings, the Company’s brokers provide independent and anonymised feedback to the Board on shareholders’ views. The Company’s financial PR advisers also provides anonymised feedback to the Board on views of analysts.
In 2018 a capital markets meeting was held at which Company management (including senior commercial and technical management) presented to shareholders – see further details under Principle 10 below. This event enabled direct feedback from those attending and the intention is to repeat the event in 2019.
The AGM is the principal forum for dialogue with private shareholders, and we encourage all shareholders to attend and participate. The chairs of the board and all committees, together with all other directors whenever possible, attend the AGM and are available to answer questions raised by shareholders. Where feedback is received directly from shareholders or shareholder advisory groups, for example relating to voting intentions on general meeting motions, this is brought to the attention of and discussed by the Board.
Principle 3: Take into account wider stakeholder and social responsibilities and their implications for long-term success.
At the core of LiDCO are its medical products for hemodynamic monitoring which have been developed over a number of years. The original objective of the design of these products was to translate specialist physiological parameters and principles into useable information and tangible protocols to improve clinical outcomes. The Company has been successful in achieving this objective and its products, which are used in hospitals in many parts of the world, help surgeons to improve the outcome of clinical operations for the benefit of the patient both during and after surgery and help hospitals to reduce their costs.
LiDCO works with its employees, customers and suppliers to conduct its business in an ethical way. The Company is of a relatively small size but growing and thus the Company’s commitment to Corporate Social Responsibility is dynamic and is reviewed when considered appropriate.
The Company recognises that an essential part of its continued success is the support and involvement of its employees. Specific actions include:
Effective communication is essential to ensure its employees are fully engaged with the business. The senior management team meets regularly throughout the year as a forum to discuss business progress and interdepartmental issues and line managers update employees on Company progress and objectives.
Employees have annual appraisals to set objectives, identify strengths and areas for development.
Training is provided where necessary to enhance job performance and aid development.
The Company regularly reviews the benefits offered to employees.
The Company maintains a suggestion box so that employees can provide feedback and suggestions on any aspect of the business. This feedback is reviewed by the CEO on a monthly basis and any resulting actions are communicated back to the employees.
Whilst not of substantial impact compared with many other manufacturing businesses, the Company recognises its activities have an impact on the environment and acknowledges its responsibility to ensure this is minimised. Specific actions include:
In accordance with the requirements of the Waste Electrical and Electronic Equipment Regulations (WEEE), the Company is registered with the UK Environment Agency as a Small WEEE Producer, and disposes of electrical equipment waste responsibly.
Where possible, products are recycled within the Company.
Paper, cardboard, batteries and printer cartridge recycling collection facilities are in place and are regularly used in the Company’s offices.
Redundant computer equipment is offered to employees or disposed of in accordance with good practice.
The Company encourages employees to participate in the cycle to work scheme to minimise its carbon footprint.
The Company continually reviews the substances it uses within its manufacturing processes with the aim of using the least toxic and most environmentally friendly products commensurate with producing high quality products.
Ethics and values
The Company designs and manufactures products that help clinicians to improve the outcome of clinical operations for the benefit of patients both during and after surgery and help hospitals to reduce their costs.
The Company aim is for all employees to have job satisfaction, a safe and secure working environment, the feeling that their achievements are recognised and an opportunity to develop their full potential.
The Company recognises customer needs for a high level of customer service and quality of its products, at the right price.
The Company asks customers to complete customer satisfaction surveys for all repairs and returns carried out. The sales and clinical teams also obtain feedback from customers regarding current products, new product ideas and customer service. All feedback is reviewed by the quarterly Quality Management meetings.
Health and safety
As a producer of medical products, the Company operates in a highly regulated environment and is subject to regular inspection and audit.
The Company uses an external specialist to advise on its health and safety policy and practice. Stringent procedures are in place in areas of the Company where risks are apparent, and the Company provides a physically safe working environment and training, protective clothing and equipment as appropriate to all employees.
All company car drivers are provided with a full driving risk assessment and training upon joining, and a further paper-based risk assessment is completed every three years.
Health and safety matters are regularly reviewed at Board Meetings.
Principle 4: Embed effective risk management, considering both opportunities and threats, throughout the organisation
The Directors recognise their responsibility for the Group’s system of internal control and have established systems to ensure that an appropriate and reasonable level of oversight and control is provided. The Group’s systems of internal control are designed to help the Group meet its business objectives by appropriately managing, rather than eliminating, the risks to those objectives. The controls can only provide reasonable, not absolute, assurance against material misstatement or loss.
Executive Directors and senior management meet bi-annually to review both the risks facing the business and the controls established to minimise those risks and their effectiveness in operation on an ongoing basis. The aim of these reviews is to provide reasonable assurance that material risks and problems are identified and appropriate action taken at an early stage. From this review the Company maintains its internal risk register which forms the foundation of the Audit Committee and Board review processes.
The Group maintains a comprehensive risk register which includes commercial, operational and financial internal and external risks that are assessed according to nature and magnitude and given a score based on the seriousness of the risk and the likelihood of the risk occurring. Those ranked in the highest category which are considered both serious and more likely to occur are managed by the executive directors and reviewed by the Board including monitoring actions to mitigate the risks. The senior management team manages the remainder of the risks and reviews them as part of the management meeting cycle. On an annual basis the whole register is reviewed and updated by the senior management team and presented for review by the Audit Committee and the Board. New potentially material risks which arise in the meantime, such as the impact of the COVID-19 pandemic, are added to the risk register and discussed at Board level as they arise.
The annual budget is reviewed and approved by the Board. Financial results, with comparisons to budget and latest forecasts are reported on a monthly basis to the Board together with a report on operational achievements, objectives and issues encountered. Significant variances from plan are discussed at Board meetings and actions set in place to address them.
Approval levels for authorisation of expenditure are at set levels throughout the management structure with any expenditure in excess of pre-defined levels requiring approval from the Executive Directors and selected senior managers.
Measures continue to be taken to review and embed internal controls and risk management procedures into the business processes of the organisation and to deal with areas of improvement which come to the management’s and the Board’s attention. Metrics and quality objectives continue to be actively implemented and monitored as part of a continual improvement programme.
The Company’s auditors are encouraged to raise comments on internal control in their management letter following their audit, and the points raised and actions arising are monitored through to completion by the Audit Committee.
Principle 5: Maintain the Board as a well-functioning, balanced team led by the Chair
The Board currently consists of two executive and three non-executive directors all of whom are male.
The Chairman is responsible for the effective leadership, operation and governance of the Board and its Committees. He ensures that all Directors contribute effectively in the development and implementation of the Company’s strategy whilst ensuring that the nature and extent of the significant risks the Company is willing to embrace in the implementation of its strategy are determined and challenged. The Chief Executive Officer is responsible for the management of the Group’s business and for implementing the Group’s strategy
Each of the Non-Executive Directors is considered independent of management and free of any relationship that could materially interfere with the exercise of their independent judgement. The Chairman was considered independent upon his appointment.
The Board has established Audit, Remuneration and Nomination committees – details and links to their terms of reference are set out under Principle 9 below.
Details of Directors and their time commitment is set out under Principle 6 below.
The number of board and committee meetings and attendance records of directors is set out in the Annual Report and Accounts and under Principle 9 below.
Principle 6: Ensure that between them the Directors have the necessary up-to-date experience, skills and capabilities
Peter Grant, Independent Chairman
Term of office: Appointed Non-Executive Director and Chairman Designate on 6 March 2017. On 10 May 2017, he was appointed Chairman of the Board and was also appointed Chairman of the Audit and Nomination Committees and member of the Remuneration Committee.
Background and suitability for the role: Peter Grant had an executive career spanning 40 years, nearly half at listed company board level spanning the healthcare, electronics, software and engineering industries. His executive career included CEO of Skyepharma PLC, CFO of Skyepharma PLC, Group Finance Director at Eurodis Electron PLC, CFO at WorldPay Group plc, Group Chief Executive at Molins PLC and Finance Director at Molins PLC. Prior to this he held a variety of senior commercial, financial and general management roles in the General Electric Company PLC group of companies. He holds an MA in Mathematics from the University of Oxford and is a Chartered Accountant. He brings a combination of listed company and financial expertise, experience of developing, manufacturing and distributing electronic and software products and experience of the healthcare sector.
Current external appointments: Peter is Chairman and Chair of the Finance and Audit Committee and member of the Remuneration Committee of Microsaic Systems plc. In addition to chairing the Board of the Company, Peter chairs the Audit and Nomination Committees and is a member of the Remuneration Committee of the Company.
Time commitment: Approximately 2-4 days a month. Peter estimates that his current appointments, including that with the Company, comprise about 8 days a month, and he considers that he would have the time to be able to step up the commitment to the Company should temporary circumstances require him to do so.
Matt Sassone, Chief Executive Officer
Term of office: Mr Sassone was appointed in August 2015 and is a member of the Nomination Committee.
Background and suitability for the role: Matt Sassone has been in the healthcare industry for the last 22 years and holds a degree in biochemistry with microbiology from Leeds University. Matt spent 12 years at Smiths Medical in various sales, marketing and business development roles achieving the role of Managing Director, Northern and Eastern Europe and Russia in 2010 where he had full P&L responsibility for 300 employees and £150m of revenue. In 2012 he moved to ArjoHuntleigh, a division of the Getinge Group, as Senior Vice President Global Marketing and was then appointed Chief Marketing Officer of Maquet (turnover £1.1 billion in intensive care, surgery and anesthesia systems), also a division of Getinge. During his career Matt has been involved with products used in surgery and intensive care. His knowledge of the market for LiDCO’s products and customers, coupled to a broad management and international sales skill set, ideally positions him to execute on the Company’s sales expansion in the UK and overseas.
Current external appointments: None
Time commitment: Full time
Tim Hall, Chief Financial Officer and Company Secretary
Term of office: Appointed Chief Financial Officer and Company Secretary on 11 March 2019.
Background and suitability for the role: Tim Hall is a Chartered Accountant with over 30 years’ experience of financial roles in the life science industry. He was previously CFO of Oxford Gene Technology IP Ltd and Finance Director of AIM-listed Lombard Medical Technologies PLC. Prior to these positions Tim held senior finance roles in UCB S.A, Celltech Group plc and Medeva PLC.
Tim is also Company Secretary and is responsible for legal, statutory and regulatory matters and assists the Chairman and the Board Committee Chairs in preparing for meetings.
Current external appointments: None
Time commitment: 9 out of every 10 working days
Phil Cooper, Independent Non-executive Director
Term of office: Phil Cooper was appointed as a Non-executive Director in August 2016. He is Chair of the Remuneration Committee and a member of the Audit and Nomination Committees.
Background and suitability for the role: Phil has more than 30 years’ experience in the medical device industry and has Executive Board experience of more than 17 years, having been involved in senior sales, marketing, logistics and general management positions. He has grown businesses through geographical expansion in North America, Europe and Asia-Pacific; introduction of new products and the creation new customer channels and segments; and grown businesses through mergers and acquisitions.
In his last Executive Board role from 2007 – 2014 he was Executive President of the Wound Care Division for Molnlycke Health Care AB. He had full P&L responsibility for 1700 employees and €600m of revenue. In this period the Division achieved global market leadership; more than doubled sales revenue; improved significantly profitability; moved from number 6 market position to number 1 in the US; led direct sales investments in China, Japan and India; acquired and integrated 3 companies in the US and Germany.
During his career Phil has been involved with products used in the operating theatre and the acute care setting. His knowledge of both the UK market and that of international markets, particularly US, Europe and Asia, coupled to a broad management and international sales skill set, ideally positions him to provided strategic level input on the Company’s sales expansion in the UK and overseas.
Phil has a BA (Hons) in Business Studies and a MSc in Logistics.
Current external appointments: Phil is a Non-executive Director and member of the Remuneration Committee of Alesi Surgical Limited and a Non-executive Director of the Supervisory Board of Soest Medical Group and a Non-executive Director of Guard Medical. He is also a Governor of Taunton School Educational Charity where he is Chair of the Marketing and Admissions Panel. He is also a Director of PSMC Consultancy Limited and PSMC Holdings Limited.
Time commitment: Approximately 1-2 days a month. Phil estimates that his current appointments, including that with the Company, comprise about 10 days a month, and he considers that he would have the time to be able to step up the commitment to the Company should temporary circumstances require him to do so.
James. G. Wetrich, Non-executive Director
Term of office: James G. Wetrich was appointed as a Non-executive Director on the 15th August 2019. He is a member of the Remuneration and Nomination committees.
Background and suitability for the role: James G. Wetrich has over 35 years of experience in the US healthcare industry combined with proven financial management, strategic sourcing and transformational leadership expertise. His experience includes 11 years at Abbott Laboratories, where James developed a deep knowledge of sales, marketing and supply chain operations from the manager’s perspective and worked his way up through a succession of promotions to the role of Divisional Vice President, where he managed the Novation account, with sales in excess of $1Billion, achieving a 30% increase in sales over 3 years. At Molnlycke Health Care he had direct P&L responsibility for all Molnlycke commercial operations in the United States and Latin America and, in eight years, his team grew sales nearly 10X and EBITA over 20X, creating over $1bn in incremental enterprise value. Other Companies included in James’s extensive portfolio are the University HealthSystem Consortium, Premier Inc and Providence Health & Services.
James has a Bachelor of Science in Biological Sciences from the University of Southern California, a Master’s in Health Administration as well as a Master’s in Business Administration.
Current external appointments: The Wetrich Group LLC, The Wetrich Group SCO LLC and Reapplix US, where he serves as the US President.
Time commitment: Approximately 1-2 days a month. James estimates that his current appointments, including that with the Company, comprise about 20 days a month, and he considers that he would have the time to be able to step up the commitment to the Company should temporary circumstances require him to do so.
Principle 7: Evaluate Board performance based on clear and relevant objectives, seeking continuous improvement
The Board believes that, in addition to dealing with any matters as they arise, it is appropriate to carry out a formal evaluation of the performance of the Board each year. This is intended to ensure that the Board remains effective, well-informed and able to make high quality and timely decisions for the benefit of all stakeholders in the Company.
In February 2020 the Board carried out an evaluation of the performance of the Board and its Committees. This involved each Director completing an evaluation questionnaire which covered effectiveness from multiple angles including: Board structure and committees; Board arrangements, frequency and time; content of Board meetings; Board culture; Board evaluation and succession; and Individual contributions. The completed questionnaires were provided to the Company’s independent company secretarial service where they were anonymised and collated independently into a summary. All comments and any areas of concern were highlighted, and the Chairman led an open discussion of these with the whole Board.
This process is similar to that adopted in previous years and the Board plans to review annually its performance and that of its committees. To supplement the evaluation process Non-Executive Directors meet at least once per annum without the Executive Directors to discuss their performance and the Board meet at least once per annum without the Chairman to discuss the Chairman’s effectiveness
In general, no major concerns were identified with the evaluation carried out in February 2020 but a number of matters were felt to be worth consideration as follows:
The Board evaluation process. The Board continues to consider the questionnaire method with an anonymised summary as an appropriate approach for evaluating Board performance and will continue with this method in future years. A discussion was held on the fact that there was no meeting at which the performance of Non-Executive Directors, other than the Chairman, could be discussed and it was decided that in future a meeting would be held at which the performance of each Director in turn would be discussed with the Director under discussion leaving that part of the meeting.
Succession planning. As is common with many small companies, the Company does not have internal candidates to succeed existing Directors. This will be kept under review, especially when recruiting for senior roles as vacancies arise. However, the Board did not believe it is appropriate to recruit additional Directors or senior personnel solely for the purpose of succession planning.
Strategy discussions. In 2019, due to other priorities, the time spent on strategic discussions was cut short and the Board concluded that it was important to ensure that in the 2020 Board calendar a full day was dedicated to discussions on the strategic direction of the Company.
Principle 8: Promote a culture that is based on ethical values and behaviours
LiDCO’s medical products for hemodynamic monitoring are used in hospitals in many parts of the world and help surgeons to improve the outcome of clinical operations for the benefit of the patient both during and after surgery and help hospitals to reduce their costs. The Company’s good reputation is key to continuing to grow its business in existing markets and penetrate new markets.
In addition, as a highly innovative Company, LiDCO’s medium and long-term success depends on maintaining a supportive and innovative culture with strongly embedded ethical values in dealing with customers and suppliers throughout the world.
The Group’s long-term growth is underpinned by the Group’s employees and its corporate culture. Based on a companywide process in 2015, the Company culture is based on the following themes:
Motivated staff with a positive attitude. Supported by the mantra “Today is going to be a good day because I am going to make it a good day”
Agile methodology. Supported by the mantra “Will it make the boat go faster?”
Team work and working as one. Supported by the mantra “A boat only goes forward if everyone rows in the same direction”
The Company operates a very flat structure with all staff having the ability to discuss matters with the executive directors. The management team meets weekly to promote communication, teamwork and agility.
The culture is monitored through an engagement survey that is operated on a biennial basis and to which all permanent staff are invited to contribute.
The board reviews the findings of the survey and determines whether any action is required. An incentivised staff suggestion scheme is operated with ideas being recognised at Company-wide briefings
In whatever the Group does, the Directors believe that it will always be the Group’s people that make the greatest difference, therefore there is a keen focus on the Group’s employee culture, reward and recognition.
Principle 9: Maintain governance structures and processes that are fit for purpose and support good decision-making by the Board
There is an approval authority matrix of the types of decisions reserved for the Board. This is reviewed annually by the Board to ensure it remains appropriate. In addition, a rolling agenda plan is in place with the aim of ensuring that the Board considers all the matters that it should, whilst allowing for the unexpected. The rolling agenda plan is reviewed at least annually and updated as appropriate.
The Group normally conducts about eight regular Board Meetings a year. In addition, the Board meets routinely to approve financial statements, the allotment of shares and to approve significant commercial agreements or transactions. Ad hoc meetings are called as required to discuss specific topics.
The attendance of current individual directors at the Regular Board Meetings and the Audit and Remuneration Committee Meetings during the year 2019-20 were as follows:
Mr P W Grant
Mr M G Sassone
Chief Executive Officer
Mr T R Hall 1
Chief Financial Officer
Mr P M Cooper
Mr J G Wetrich 2
Ms J A McGregor 3
Former Chief Financial Officer
1 Mr Hall was appointed on 11 March 2019
2 Mr Wetrich was appointed on 15 August 2019
3 Ms McGregor resigned on 22 March 2019
Numbers in brackets denote the total number of meetings that each director was eligible to attend during the year.
The Committee considers financial reporting and internal controls. It also reviews the scope and results of the external audit and the independence and objectivity of the auditors. It meets at least twice a year and reviews the interim and annual financial statements before they are submitted for approval by the Board. The Committee met three times during 2017-18; twice to approve results and once in connection with the planning of year end audits. The Committee considers annually whether the auditors remain independent for the purposes of the audit and whether a separate internal audit function is required.
The Committee reviews and sets the remuneration of the Executive Directors and considers any bonuses to be awarded to them. The Committee makes decisions on all aspects of share schemes including the approval of share options. The terms of reference can be found here.
At the request of the Board, the Committee recommends candidates for new appointments to the Board and advises on all matters relating to such Board appointments. The terms of reference can be found here.
Matters Reserved for the board
A schedule of the matters reserved for the board and the board committees can be found here.
Principle 10: Communicate how the Company is governed and is performing by maintaining a dialogue with shareholders and other relevant stakeholders
In September 2019 the Company held a capital markets day which was attended by the board and senior management team. Shareholders had the opportunity to listen to presentations from the senior management team and a clinical advisor and to tour the premises and meet other member of staff. Attendees responded positively to the day, welcoming the chance to meet the wider management team and requested that it becomes an annual event. The Non-Executive Directors attend the AGM and have the opportunity to attend other meetings with shareholders and do so from time to time or as requested. The Board is kept informed on market views about the Group.
All shareholders are invited to make use of the Group’s Annual General Meeting to raise any questions regarding the management or performance of the Company.
Shareholder votes and meetings
The outcome of the votes at the AGM in May 2018 was as follows:
Annual General Meeting, 17 May 2018
The report of Board Committees is set out in the Annual Report and Accounts each year.