On 26 June 2020, KPMG were appointed as administrators of intu Properties PLC. Find out more

Corporate governance

We ensure that our governance structures continue to be appropriate and support our business and culture in an ever-changing regulatory environment

The Board is responsible for setting intu’s strategic aims and then monitoring management’s performance against those aims as well as setting the strategic framework within which those aims can be achieved. The business model illustrates the key value creation and operational drivers for intu’s strategy and the means by which the Board ultimately delivers long-term growth and sustainable returns for shareholders and debt investors.

Appropriate and effective corporate governance is intrinsic to all aspects of the Board’s activities. Consequently, governance is interwoven into the activities of management, who are accountable to the Board, and all employees, who are in turn accountable to management. This is reinforced by the established coherent governance framework which underpins the culture and workings of the Group with clearly defined responsibilities and accountabilities, consisting of:

  • Board committees to enable the Board to operate effectively and give full consideration to key matters
  • delegated authority limits, which apply at all levels of the business and are incorporated into all operational procedures ensuring matters are dealt with at the appropriate level
  • internal policies, procedures and controls (including risk management arrangements, delegated authority limits and a related parties protocol) which are regularly reported on, reviewed and updated by the Board and relevant committees
  • internal processes which are communicated to all staff and are available at all times on the Group’s intranet

Each aspect is routinely reviewed by the Board and updated to satisfy the needs of the business. The Board has continued to review its governance framework and has adjusted, where necessary, the roles, structure and accountabilities of senior management to reflect the demands of the business.

The UK Corporate Governance Code was revised in 2018 and applies to the company with effect from 1 January 2019. It places greater emphasis on relationships between companies, shareholders and stakeholders. It also promotes the importance of establishing a corporate culture that is aligned with the company purpose and business strategy.

At the heart of the new Code is an updated set of Principles that emphasise the value of good corporate governance to long-term sustainable success. By applying the Principles, following the more detailed Provisions and using the associated guidance, companies can demonstrate throughout their reporting how the governance of the company contributes to its long-term sustainable success and achieves wider objectives.