We know that good corporate governance and transparency are essential for long-term growth, and we ensure that every decision we make considers the views and needs of all of our stakeholders.
The Executive Board has established the Renumeration Committee and the Audit Committee to ensure that Center Parcs maintains appropriate governance in relation to remuneration and audit. The Renumeration Committee sets the renumeration of the Operating Board and the bonuses of the Operating Board and the senior management team. The Audit Committee establishes formal and transparent arrangements for how Center Parcs should apply corporate reporting, internal control principles and for maintaining appropriate relationships with its auditors.
Whilst the Operating Board has oversight, key decisions are made by relevant committees and people within the business with the most appropriate knowledge and experience.
To allow the Executive Board to operate effectively, the Executive Board delegates oversight of day-to-day operations to the Operating Board, and oversight of key areas to relevant committees, including the Risk Committee, the Safety Management Committee, the Competition Committee and the Data Protection Governance Committee. Each committee is chaired by a relevant Director and attended by senior management. The committees provide regular reports to the Operating Board on key aspects of the business, such as health and safety, risks and opportunities, financial performance, strategy, operational matters, market conditions, data protection, and sustainability.
Key financial information is collated from various accounting systems. The Finance department is appropriately qualified to ensure the integrity of this information and is provided with necessary training to remain up to date with regulatory changes. Financial information is externally audited by Deloitte LLP on an annual basis, and financial controls are reviewed by our own internal audit function and the shareholder’s internal audit function. The shareholder receives reports on key financial and operational metrics and corporate governance issues on a quarterly basis, and regularly undertakes audits for Sarbanes Oxley requirements.
Each year, all Directors and senior managers complete a Code of Conduct declaration, confirming that they have behaved in accordance with our behaviours and values, and are required to declare any potential conflicts of interest as they occur for review by the Board.
