Corporate Governance

Braxton Corporate Governance

The Braxton Group and our Board of Directors are committed to working together to achieve strong and effective corporate governance, with the objective of promoting the long term interests of the company and the enhancement of value for all shareholders. We continue to review and improve our corporate governance policies and practices in relation to evolving legislation, guidelines and best practices. Our Board of Directors is of the view that our corporate governance policies and practices and our disclosure in this regard are comprehensive and consistent with the guidelines established by regulators.

Corporate Responsibility

Whilst their primary duty is to increase shareholder value, the directors acknowledge that in discharging this obligation, they also have responsibilities to other stakeholders.

The Group is committed to the management of health and safety, the environment and the development of its people.

It views the proper management of corporate responsibility issues as an opportunity for future growth through control of risk, so as to provide its stakeholders with additional confidence.

Social and Environmental
The Group recognises the importance of long-term maintenance of the environment and encourages continuous environmental awareness, aiming to minimise the risk of causing harm through:
– careful consideration of construction techniques;
– the specification and use of sustainable materials with a view to the elimination of materials or substances harmful to the environment;
– compliance with relevant environmental regulations and local environmental controls;
– evaluation of contamination issues and the conduct of remedial work in new projects;
– inspection of its properties from an environmental perspective.
– avoid the unnecessary generation of waste through the recycling of waste and water;
– minimise the depletion of natural resources and to reduce site contamination to acceptable levels;
– wherever possible, protect wildlife areas and/or restore the ecological balance of the environment and to promote a natural habitat for enjoyment by the local community;
– use off-site manufacturing and building techniques, where appropriate, to minimise disruption to residents during construction; and
– work closely with the relevant private bodies and local authorities to ensure all guidelines and regulations are properly considered and adhered to.

As part of an ongoing commitment to reducing office waste, the use of electronic documentation is encouraged. The holding of records and transactions in electronic format is constantly under review and steps have been taken towards this. Agreements are in place for the recycling of as much of this waste as possible.

Remuneration Report
All of our incentives are discretionary, geared towards success and payable only on the achievement of stretching performance measures.

The Group’s remuneration policy is based on the following principles:
– the aim is to set base salaries at median levels but also taking into account each individual’s responsibilities, experience and performance;
– bonuses and other incentive-based rewards are intended to be positioned towards the upper quartile and are considered to be stretching but achievable. Whilst incentive based remuneration is discretionary it is subject to the achievement of predetermined performance criteria and where this is achieved it can form a material part of the total remuneration package.

Whilst the Committee strives to harmonise remuneration throughout the Group, it recognises that this is not always appropriate. For example, the formulae used for the calculation of bonus payments differ between the Company and its subsidiaries.

In Braxton Real Estate, staff bonus payments are linked to growth in net asset value, which is considered to be the most appropriate measure of success for a company in the property sector.

However, in other subsidiaries, its staff bonuses are linked to the achievement of targets based on profitability which are believed to be a more relevant measure.

In determining remuneration policy, the Committee’s objective is to ensure the Group continues to be able to attract and motivate individuals with the experience and skills required to operate its businesses competitively and in the best interests of stakeholders.
No executive director plays any part in the determination of his/her own remuneration package and the fees of the non-executive directors are set by the executive directors to reflect the time commitment and levels of responsibility expected of them.

Discretionary Bonus Scheme

The Group operates a discretionary bonus scheme which is designed to be a performance related incentive scheme to reward executive directors and all staff and provide motivation and identification with the success of the Group.

Charitable contributions

The Group contributes to registered charities serving the local communities in which it operates. The Group supports the fund raising efforts of its employees raising money for a designated charity each year through the Charity Committee.