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BAKKAVOR ANNUAL REPORT AND ACCOUNTS 2012
corporate governance
OUR BOARD OF DIRECTORS BRINGS A VALUABLE AND
BALANCED RANGE OF EXPERIENCE.
5 core values define our approach
to all aspects of our business:
• customer care
• can do
• teamwork
• innovation
• getting it right /
keeping it right
ABOUT OUR BOARD
Board composition and effectiveness
In conjunction with the issuance of Senior Secure Notes in 2011, the
Company, Bakkavor Finance (2) plc, was incorporated and acts as a
holding company of the Group. The Directors were therefore appointed
either on or subsequent to the Company’s incorporation date. (For
further details of Company appointments refer to the Directors’ Report
on page 51). The table below highlights the appointment of Board
members to the overall Group, prior to the incorporation of the holding
company, Bakkavor Finance (2) plc.
Date of
appointment
Non-executive Chairman Lydur Gudmundsson 01/08/1986
Chief Executive Officer Agust Gudmundsson 01/08/1986
Non-executive Directors Bjarni Th. Bjarnason 14/05/2010
Halldor B. Ludvigsson 14/05/2010
Gudmundur I. Sigurdsson 25/09/2012
Asgeir Thoroddsen
Resigned
25/09/2012
BOARD MEETINGS
The Board of Directors convened six times in 2012. The attendance is
set out below.
Scheduled
Board meeting
Board Director
attendance in 2012
Non-executive Chairman Lydur Gudmundsson 6/6
Chief Executive Officer Agust Gudmundsson 6/6
Non-executive Directors Asgeir Thoroddsen* 3/4
Bjarni Th. Bjarnason 6/6
Halldór B. Ludvigsson 6/6
Gudmundur I. Sigurdsson* 2/2
In advance of each regular Board meeting, the Board members are
provided with a Board report which includes a comprehensive report
of the Group’s financial and operational performance, and a broader
market update. Board members are informed about all significant
matters immediately.
The majority of the Board Directors were independent during the
financial reporting period, with three independent members and two
non-independent members.
It is considered that the size and composition of the Board of Directors
makes it possible for it to discharge its duties efficiently and with integrity.
Together, the Board of Directors brings a valuable and balanced range of
experience as they all hold senior positions in professional and public life.
(See page 43 for profiles of our Board of Directors).
* Asgeir Thoroddsen, Non-executive Director, resigned from the Group Board on 25 September 2012.
Gudmundur Sigurdsson was appointed to the Group Board on 25 September 2012.
PAGE 46 VIEW THE FULL REPORT AT ANNUALREPORT12.BAKKAVOR.COM