The Group is committed to high standards of corporate governance.
The Stagecoach Board is accountable to shareholders and others for the Group’s activities and is responsible for the effectiveness of corporate governance practices within the Group. In July 2003, a revised Combined Code (‘‘the Combined Code’’) was issued for financial years commencing on or after 1 November 2003.
The Directors believe that the Group currently complies with all of the recommendations contained in the Combined Code, other than that one of the Non-Executive Directors regarded as independent by the Board does not satisfy all of the criteria suggested by the Combined Code for determining Directors’ independence.
