Governance manual

1.The governance cycle

1.1Set priorities. The Executive Committee agrees a short list of group priorities and shares them with every company and capability.
1.2Assign owners. Each priority has one named owner, a measure of success and a timeline.
1.3Review progress. Owners report against their measures at a rhythm set by the Executive Committee.
1.4Act and escalate. Items that are off track are raised early, with the facts and a proposed way forward.

2.1Every priority, decision and risk has one named owner. Shared ownership is not ownership.
2.2Owners consult before they decide and inform others afterwards.
2.3A decision whose owner cannot be named is not ready to be made.
2.4Who owns each kind of decision is set out in Decision rights.

3.1Group priorities are reviewed by the Executive Committee against each priority’s measure.
3.2Safety is reviewed by every company and by the Executive Committee, covering incidents, near misses and the actions taken.
3.3Quality is reviewed by the capability leaders, covering customer complaints, returns and the standards met.
3.4Financial performance and significant risks are reviewed by the Executive Committee against plan.
3.5The eight forums review the matters within their remit.

4.1An agenda and papers are shared in advance of any meeting that makes decisions.
4.2Each such meeting has a named chair who keeps it to its purpose.
4.3Decisions and actions are recorded, each action with an owner and a due date, so every decision can be traced.

5.1A matter goes to the next level when it is outside the owner’s decision rights, affects other parts of the group, or carries a significant safety, legal or financial risk.
5.2Problems are raised early, with the facts and a proposed way forward. Raising a problem early is expected and respected.

6.1Leaders take their teams through this manual, starting with ownership and escalation.
6.2The Executive Committee reviews the manual every year and updates it where it can be clearer.