Leadership and Governance
Leadership
Board of Directors
The Board of Directors (the “Board”) are responsible for KR1 plc’s strategy, activities and the control and supervision of advisers and service providers. The Board also provides oversight and guidance to the team, ensuring the Company is operated responsibly, transparently and in the long-term interests of shareholders while upholding highest standards of corporate governance to support sustainable growth of the business.
| Name | Board Role |
|---|---|
| George McDonaugh | Managing Director & Co-Founder, KR1 plc |
| Keld van Schreven | Managing Director & Co-Founder, KR1 plc |
| Rhys Davies | Chairman and Non-Executive Director |
| Mona El Isa | Non-Executive Director |
| Aeron Buchanan | Non-Executive Director |
Corporate Governance
KR1 plc (the “Company”) reports against the UK Corporate Governance Code. To the extent that the Company does not comply with any provision of the UK Corporate Governance Code, it intends to explain any non-compliance in its annual report.
The UK Corporate Governance Code sets out standards of good practice in relation to board leadership and effectiveness, remuneration, accountability and relations with shareholders. The UK Corporate Governance Code states that the Board of Directors (the “Board”) should identify the directors it considers to be independent and sets out circumstances which are likely to impair, or could impair, a director’s independence. A majority of the Board of the Company are independent Non-Executive Directors.
The Company complies with the recommendations of the UK Corporate Governance Code, except as set out below.
The Company does not currently have a nomination committee, remuneration committee or senior independent director, as the Board currently considers these structures unnecessary given the size and stage of the Company’s development. The Board believes that its current composition allows it to effectively manage nomination, remuneration and governance matters directly, ensuring appropriate oversight without additional formal committees, but will keep its governance arrangements under regular review. Should the Company grow in size or complexity, the Board will reconsider establishing these committees and/or appointing a senior independent director, as appropriate.
The Company has established an Audit and Risk Committee, which is chaired by Rhys Davies (Chairman and Non-Executive Director of KR1 plc) and has Rhys Davies and Mona Elisa (Non-Executive Director of KR1 plc) as members. The Audit and Risk Committee will meet at least twice a year. The Executive Directors and other members of the Board may be invited to attend from time to time. The Board considers that the members of the Audit and Risk Committee have the requisite skills and experience to fulfil the responsibilities of the Audit and Risk Committee. The Audit and Risk Committee examines the effectiveness of the Company’s risk management and internal control systems. It reviews the annual and half-yearly reports and also reviews the scope, results, cost effectiveness, independence and objectivity of the external auditor. Notwithstanding the recommendations of the UK Corporate Governance Code, the Chairman of the Board currently serves as both a member and the Chair of the Audit and Risk Committee. The Board considers this arrangement to be appropriate due to the Chairman holding the Chartered Financial Analyst (CFA) designation, providing essential and recent financial expertise necessary to satisfy the UK Corporate Governance Code’s requirement that at least one member of the Audit and Risk Committee has recent and relevant financial experience. The Board believes that this enhances rather than diminishes committee effectiveness, while appropriate safeguards remain in place to manage any potential conflicts of interest.