Nomination Committee report
Talent development and succession planning
Andrew will be stepping down at the end of September and we wish him well for the future. When Andrea was recruited as CFO it was recognised that she would also be a strong CEO succession candidate when required. Andrea’s impressive performance over the last year validated that decision and, while other candidates were considered, it was an easy choice to appoint Andrea as CEO Designate from 1 July 2024 and as CEO from 1 October 2024.
the opportunity to improve the Board’s diversity, where appropriate. Whenever external search consultancies are used in the recruitment of Board and senior members of management, they are asked to provide diverse lists of candidates. The Committee strongly supports management’s efforts to nurture an inclusive culture within the Group. Diverse perspectives, experiences and backgrounds across our workforce help us better understand the needs of our clients and, therefore, to grow the business. Further details on the Group’s approach to diversity are included in the Responsible business section of the Strategic Report on page 47. Across senior management as a whole, 61% are male and 39% are female. Board effectiveness The Committee is responsible for overseeing an annual evaluation of the Board, its Committees, the Chair and individual Directors. This includes a review of the composition, diversity and effectiveness of the Board and its Committees and the contribution of each Director. This year’s Board evaluation was carried out internally in June and July 2024. A secure, online questionnaire was employed, which ensured the anonymity of responses received. This provided an opportunity for each of the Directors to review the processes and procedures of the Board and to scrutinise the performance of themselves and their colleagues. The feedback received was very positive in nature, both concerning the
Board as a whole and its Committees. A small number of points were raised for further consideration: • The Board is keen to have more exposure to the next level down of management and business leaders and to visit other offices; • More data on the Company’s client base and the risks and opportunities that presents; • More attention paid to the following up of and - most importantly - closing down of action points; and • Earlier circulation of board papers. The Chair undertook to discuss these matters with his colleagues and agree an action plan to address them. The progress against these actions will be reported on in next year’s Annual Report and Accounts. The use of an externally facilitated Board evaluation is also under consideration for a future year. Last year, a small number of issues for consideration were raised in the Board evaluation. Over the course of the year, the Company took steps to address these matters in order to assist the Board in improving its performance. Further details of the actions involved are given below: • The Board is keen to see a greater use of data when shaping and justifying strategy – Market data was a key driver of the strategy refresh which took place during the year. External advisers were brought in to ensure the Board had a full picture of the market and the demographics that shape
The Committee is committed to maintaining an effective policy for the orderly succession of Executive Directors, Executive Committee members and other senior management roles across the business. As detailed above, Andrea’s appointment as Chief Executive Officer was part of the Company’s succession planning strategy for that role. The year also saw Richard Larner and Michael Toolan step up to become Co-Chief Investment Officers. Michael has been with the Company for over 24 years and Richard for 11 years, further evidence of our commitment to developing the people who are key to our business and the opportunities open to them. The Committee is also committed to maintaining an appropriate balance of skills, experience, independence and diversity across the wider Group. Further information on the Group’s approach to succession planning and leadership development can be found in the Responsible business report on page 46. Diversity, equity and inclusion The Committee takes an active role in setting and monitoring diversity objectives and strategies undertaken by the Group and embraces the benefits of having a diverse Board drawing on the knowledge, understanding, skills, experience and expertise of directors from a range of backgrounds. The Committee will also take
Work is now underway to appoint a new CFO and we will report on this process next year.
Induction programme The Company arranged an induction programme for Maarten, which involved a variety of presentations and meetings with people from both inside and from outside the Company. These included an overview of the Group, its structure, strategy and performance as well as sessions with those responsible for each individual business area. External meetings included those around Directors’ SMCR and other regulatory responsibilities, together with a briefing from the Company’s NOMAD giving a market overview and explaining AIM requirements. Subsequent to the formal induction programme, management remained available to answer any questions about the business that Maarten had.
76 Brooks Macdonald Group plc Annual Report and Accounts 2024
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