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Induction - Coggle Diagram
Induction
Running the business
Key individuals (other than the board): senior executives, their roles and contact details; any other key individuals
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Key policies and procedures, eg health & safety, environmental management
The company's risk profile and tolerance, risk management and internal control procedures and relevant disaster recovery plans
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Current performance of the business: financial position, budgets and management accounts, KPIs
Financial and treasury issues: accounts and/or interim management statements, audit, management accounts, budgets, funding sources, dividend policy, credit-rating metrics
Insurance in place, including any directors' and officers' liability insurance
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The company's sustainability / environmental policies, performance and targets
The role of a director
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Details of the company's share dealing policy, requirement for notification of transactions to the UKLA and the need to inform the directors family members and other connected parties
Support roles of the company secretary, general counsel, company secretariat and availability of external professional advice
Policies relevant to the director as an individual (independent professional advice, expenses, data protection, reporting of gifts and hospitality)
D&O liability insurance, deeds of indmenity
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Protocol, procedures and dress code for board meetings, general meetings, formal dinners, staff social events, site visits etc
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Business background
Introduction to the company's history, the company's structure, any subsidiaries or joint ventures
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Company business model, products and services and mission
Major elements of the company's business: key customers and markets, contracts, suppliers etc
Market analysis, market shares, trading backdrop, recent operational and financial performance, current challenges
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Rules, regulations and guidance
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Overview of the UKLA's Listing, Prospectus and Disclosure and Transparency Rules and any other jurisdictions securities and listing rules requirements
Overview of the UK GC and associated FRC guidance and concepts of comply or explain and best practice
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Practical issues
Premises layout and facilitates (eg toilets, parking, building access, access to office Wi-Fi)
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Issue of any company phone number, email address
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Operation of the board
Composition
Board and committee structure, matters reserved for the board, delegated authorities, terms of reference of committee, items requiring approval outside of board meetings
Board composition, succession plans for executive and NEDs and policy on directors re-election by shareholders
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Biographical and contact details of all directors of the company, the company secretary and other key executives
Meetings
Provide copies of the minutes of board meetings from the last 12 months and dates for future board and board committee meetings and dinners, financial reporting dates and close periods etc
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Overview of board procedures covering details such as when papers are sent out, the method of delivery, the normal location of meetings and how long they last
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Summary of the corporate culture and values, codes of conduct and ethics etc
Procedures
Board, committees and individual director evaluation processes
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Special procedures (accounts sign off, company disclosures)
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Executive role
Any additional information required if the director will also be taking up a new executive role eg key duties, personnel etc
On appointment all directors should undergo an induction exercise tailored to their individual experience and knowledge of the company and industry in which it operates
For directors of listed companies this induction must also provide details of the additional responsibilities of a listed company director and the disclosure and transparency rules
Newly appointed directors will wish to contribute at an early stage and a properly constructed and delivered induction programme will facilitate this goal
It is important that any induction is tailored to the needs and experience of the individual on the receiving end of the induction. In addition to any company or industry specific information, the newly appointed directors should be asked if there are any areas in which they would like training