The Board supports the principles of Corporate Governance advocated by the Combined Code ("the Code") issued by the Financial Reporting Council. Listed companies are expected to comply with the Code and the Society will do so, insofar as practical and applicable to an Industrial and Provident Society.
The Code has been revised in 2003 and the changes apply to reporting periods beginning on or after 1 November 2003. Full compliance with the new provisions of the Code will take some time to achieve and 2004 will provide an opportunity for a working party to consider the proposals further. The Board will be considering these in full for the forthcoming year-end. In the meantime the Board has taken the opportunity to improve its practices by adopting some of the recommendations of the two reports contained in the revised Code:
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