Hyder Consulting PLC Annual Report 2012

• Established group-wide systems and processes for
providing services, which include the requirement for
bid reviews, technical reviews and project reviews.
• Maintenance and regular review by regional
management teams of operational risk registers and
periodic review by the board of the group strategic risk
register and individual strategic risks to identify and
quantify risks and determine and monitor mitigation
strategies.
• Internal audit which reviews and tests different aspects
of the group’s internal control and risk management
systems and processes following a programme agreed
with the audit committee.
During the course of the year the audit committee reviewed
the effectiveness of the internal control systems. Areas
identified for improvement have been actioned.
Share capital
Information about the share capital of the company is
included on page 60 of the section headed “General
Information and Disclosures”.
Financial reporting process
The group has well documented accounting policies and
procedures for use by all group entities in the preparation
and submission of monthly financial reports and the
submission of financial statements for half year and year
end consolidation. The policies are well established and
operated by all group entities and require compliance
with the company’s internal controls and risk management
processes. The policies have been developed to comply
with International Financial Reporting Standards and
are regularly reviewed and updated as necessary. The
procedures detail the additional disclosures and information
required for inclusion in half year and year end group
financial statements and report.
All group entities use a common accounting system,
facilitating consolidation of group results and minimising
risks of transferring financial information across systems.
The consolidated financial statements are prepared by the
group finance team under the direction of the group finance
director. During preparation all significant judgments
made by group entities and other risks associated with the
preparation of the consolidated accounts are reviewed and
challenged where necessary by the group finance team and
group finance director before consideration by the audit
committee.
All financial information published by the company is
subject to approval by the audit committee.
Relations with shareholders
The board recognises the importance of maintaining good
communications with current and potential shareholders.
The chief executive and group finance director have a
programme for dialogue and presentations to shareholders,
institutions, brokers and the media which include those
around the announcement of the full and half year results of
the Hyder group. The chairman and SID meet institutional
shareholders from time to time and are readily available to
do so if requested. The board receives regular feedback from
institutional investors, external analysts’ reports and market
and shareholder analysis. This information and feedback
from directors’ meetings with shareholders ensures all
directors develop their understanding and appreciation of
the views of current and potential shareholders.
The company’s website www.hyderconsulting.com provides
regularly updated information in relation to the group’s
activities and financial performance, which is also available
via the regulatory information services.
Shareholders are given at least 20 working days’ notice of
the AGM and are encouraged by the chairman on behalf
of the board to attend each AGM. Save in exceptional
circumstances all directors attend the AGM and this provides
an opportunity for all shareholders, both private and
institutional, to meet and ask questions of the directors.
Hyder Consulting PLC Annual Report 2012 41