POL00362101 - Post Office Board - Matters Reserved to the Board (Note from the Secretary)

Evidence on official site

F 0B(99)83*

POST OFFICE BOARD

MATTERS RESERVED To THE BOARD
(

Note from the Secretary)

earlier discussion on Board Effective,

fan tters Reserved to the Post Office Bo:

of Med A review was undertaken takin,

updewombined Code and recommendati
v Administrators. An updated fist of Matters Reserved to the Board was

arauced and circulated to all Board Members for comment. The attached list

nnex A) represents the final version which encompasses your comments and
(A mmendations as appropriate.

Ness (PO99/81) the Board agreed the list
ard should be reviewed and if necessary

9 account of current best external practice,
‘ons of the Institute of Chartered Secretaries

reco

The Board is invited to Agree to the Matters Reserved to the Board as set out in
Annex A.

November 1999

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ANNEX A

MATTERS RESERVED TO THE POST OFFICE BOARD

gTATUTORY REQUIREMENTS

°

proval of half year and full year accounts
roval of monthly financial forecasts to the DT!

roval of any significant change in accounting policies or practices on the
Ape mmendation of the Audit Committee oP °
Appointment or removal of The Secretary

Recommendations (to DT!) for appointment or removal of auditors

COMBINED CODE REQUIREMENTS

Approval of major capital projects (with costs in excess of £20m)

Approval of material contracts of the company in the ordinary course of business
(the acquisition and disposal of assets in excess of £20m)

Approval of contracts of the company not in the ordinary course of business
(including all strategic acquisitions or joint ventures where the transaction total is
in excess of £10m)

Approval of major investments, including the acquisition or disposal of interests
of more than 5% in the voting shares of any company or the making of any
takeover bid

Approval of risk management strategy including internal control arrangements

MANAGEMENT

Approval of the Group's commercial strategy and annual operating budget
Approval of plans for senior management development and succession
Approval of changes to the Group’s management and control structure, including
major restructurings

Approval of main postal price changes

Approval of pay policy for staff and agents

Establishment of Board sub-committees, their terms of reference and
membership (currently the Audit, Investment and Remuneration Committees)
Appointment to boards of ‘direct’ Post Office subsidiaries

Approval of the health and safety policy

Approval of the environmental policy

MISCELLANEOUS

Approval of amendments to trust deeds of Post Office pension schemes
Appointment and remuneration of the chairman and trustees of Post Office

pension schemes
Appointment of specified individuals to authenticate the Post Office seal

Adoption of a new Post Office seal

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