{"id":2317,"date":"2014-10-11T14:43:51","date_gmt":"2014-10-11T14:43:51","guid":{"rendered":"http:\/\/us.rigsderricks.com\/blizzard\/?page_id=2317"},"modified":"2017-11-26T12:05:16","modified_gmt":"2017-11-26T12:05:16","slug":"governance","status":"publish","type":"page","link":"https:\/\/blitzsteel.com\/about-us\/governance\/","title":{"rendered":"Governance"},"content":{"rendered":"<div id=\"pl-2317\"  class=\"panel-layout\" ><div id=\"pg-2317-0\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-2317-0-0\"  class=\"panel-grid-cell\" ><div id=\"panel-2317-0-0-0\" class=\"so-panel widget widget_nav_menu panel-first-child panel-last-child\" data-index=\"0\" ><div class=\"menu-about-us-container\"><ul id=\"menu-about-us\" class=\"menu\"><li id=\"menu-item-2332\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-2332\"><a href=\"https:\/\/blitzsteel.com\/about-us\/governance\/\">Governance<\/a><\/li>\n<li id=\"menu-item-2328\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-2328\"><a href=\"https:\/\/blitzsteel.com\/about-us\/leadership\/\">Leadership<\/a><\/li>\n<li id=\"menu-item-2327\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-2327\"><a href=\"https:\/\/blitzsteel.com\/about-us\/strategy-and-culture\/\">Strategy and Culture<\/a><\/li>\n<\/ul><\/div><\/div><\/div><div id=\"pgc-2317-0-1\"  class=\"panel-grid-cell panel-grid-cell-mobile-last\" ><div id=\"panel-2317-0-1-0\" class=\"so-panel widget widget_black-studio-tinymce widget_black_studio_tinymce panel-first-child panel-last-child\" data-index=\"1\" ><div class=\"textwidget\"><p style=\"text-align: justify;\">Our\u00a0shareholders are committed to achieving corporate governance standards that meet the highest possible levels of integrity and compliance for a privately owned enterprise. We evaluate the effectiveness of our decision-making, accountability and audit processes against similarly sized publicly listed corporations. We believe this is the best way of ensuring the sustainable long-term growth and success of the Group.<\/p>\n<p class=\"p1\" style=\"text-align: justify;\">Good corporate governance is integral to the Shareholders\u2019 and Board\u2019s objective to sustain an organisational culture based on the Group\u2019s vision and values, placing strong emphasis on upholding the highest standards of business conduct, ethics and integrity amongst the Group\u2019s employees, supply chain and other business partners.<\/p>\n<h4 class=\"alternative-heading\" style=\"text-align: justify;\">CORPORATE GOVERNANCE FRAMEWORK<\/h4>\n<p class=\"p1\" style=\"text-align: justify;\">The Group\u2019s businesses operate within\u00a0an established and externally bench-marked corporate governance framework that is underpinned by our vision and values. A key function of Blitzsteel\u2019s corporate governance framework is the\u00a0identification, management and mitigation of operational and financial risks. At every governance level we ensure the necessary committee processes are functioning correctly, in line with developments in company laws, corporate governance and best practice.<\/p>\n<div class=\"mediaWrapper\" style=\"text-align: justify;\">\n<div class=\"media\"><img class=\"aligncenter\" src=\"http:\/\/www.laingorourke.com\/~\/media\/lor\/images\/diagrams-and-maps\/corporategovernanc48ec02d.jpg?h=789&amp;la=en&amp;mw=700&amp;w=700\" alt=\"\" width=\"700\" height=\"789\" \/><\/div>\n<p><span class=\"caption\">ILLUSTRATION OF OUR CORPORATE GOVERNANCE FRAMEWORK<\/span><\/div>\n<p class=\"p1\" style=\"text-align: justify;\"><strong>1. Group Shareholders (\u2018Shareholders\u2019)<br \/><\/strong>As the Group\u2019s majority equity Shareholder, the Chairman and Chief Executive is ultimately accountable for the workings and leadership of the company on behalf of the Shareholders. He is responsible for leading and managing the business within the authorities delegated by them.<\/p>\n<p class=\"p1\" style=\"text-align: justify;\"><strong>2. Board of Directors (\u2018Board\u2019)<br \/><\/strong>The Board is primarily responsible for ensuring that the Group\u2019s accounts are true and fair using suitable accounting standards and judgments, ensuring internal controls are adequate and determining whether the Group is a going concern.\u00a0<\/p>\n<p class=\"p1\" style=\"text-align: justify;\"><strong>3. Group Executive Committee (GEC)<br \/><\/strong>The GEC is responsible to the Board and Shareholders for creating sustainable Shareholder value through the management of the constituent businesses within the governance framework. Their role includes responsibility for the Group\u2019s strategy, the allocation of financial and human capital resources, reviewing and monitoring the performance of management and the integrity of financial information, internal controls and risk management.\u00a0<\/p>\n<p class=\"p1\" style=\"text-align: justify;\"><strong>4. Safety and Sustainable Development Committee<br \/><\/strong>A subcommittee of the GEC, this forum\u00a0ensures risks and opportunities associated with safety and sustainability are given the highest priority within the Group. It also directly supports the delivery of business strategy through the management of sustainable development issues covering social, economic and environmental matters.<\/p>\n<p class=\"p1\" style=\"text-align: justify;\"><strong>5. Human Capital Committee<br \/><\/strong>The committee is chaired by the Chairman and Chief Executive, with members drawn from the GEC and relevant business unit and functional disciplines. The main purpose of the committee is to lead the\u00a0formulation and endorsement of the Group\u2019s people and organisation agenda, and ensure total alignment with Group business strategy.\u00a0<\/p>\n<p class=\"p1\" style=\"text-align: justify;\"><strong>6. Strategy Committee<br \/><\/strong>The Strategy Committee is chaired by the Group Strategy Director, and its other members are drawn from senior management specializing in corporate development and market appraisal. The main purpose of the committee is to formulate the Group\u2019s global corporate\u00a0strategy, and to set objectives and priorities to deliver it. In addition, it recommends the prioritization of projects and business development opportunities, and approves funding for new ventures for ultimate sanction by the GEC.<\/p>\n<p class=\"p1\" style=\"text-align: justify;\"><strong>7. Investment Committee<br \/><\/strong>The committee is chaired by the Chief Officer, Investments and Corporate Finance, and is responsible for investment and treasury policy decisions. It oversees the commercial prioritization of development and Private Finance Initiative (PFI)\/Public Private Partnership (PPP) investment opportunities and the Group\u2019s capital expenditure programme for sanction by the GEC. Investment funding for acquisition, disposal, partnering and joint venturing transactions, and related commercial decisions are also managed by this committee.<\/p>\n<p class=\"p1\" style=\"text-align: justify;\"><strong>8. Audit Committee<br \/><\/strong>The Audit Committee oversees the Group\u2019s financial reporting, risk management and internal controls and provides a formal reporting link with the external auditors. The Group\u2019s external auditors are PricewaterhouseCoopers.<\/p>\n<p class=\"p1\" style=\"text-align: justify;\"><strong>9. Engineering Excellence Group (EnEx.G)<br \/><\/strong>The EnEx.G is chaired and led by the Group\u2019s Chief Engineering Adviser, Professor Robert Mair. Its membership comprises the EnEx.G technical engineering specialists. It is responsible for leading the development and execution of the Group\u2019s innovation agenda by devising engineering strategies to give us competitive advantage and, ultimately, drive industry-wide transformation.<\/p>\n<p class=\"p1\" style=\"text-align: justify;\"><strong>10. Europe Hub Executive Committee<br \/><\/strong>This hub-level executive committee has primary authority for the day-to-day management of business operations across the constituent territories within agreed limits set by the GEC. Its members are drawn from senior management in our construction, infrastructure and specialist services businesses and key supporting functions. It is also responsible for setting the strategic direction for health, safety and sustainable development activities and monitoring performance.\u00a0<\/p>\n<p class=\"p1\" style=\"text-align: justify;\"><strong>11. Hub Executive Committee<br \/><\/strong>This hub-level executive committee has primary authority for the day-to-day management of business operations across the constituent territories within agreed limits set by the GEC. Members are drawn from senior management in the construction, infrastructure and specialist services businesses and key supporting functions. The committee is also responsible for setting the strategic direction for health, safety and sustainable development activities and monitoring performance.\u00a0<\/p>\n<p class=\"p1\" style=\"text-align: justify;\"><strong>12. Business Unit\/Functional Committees<br \/><\/strong>As subcommittees of the main hub-level executive committees (10 and 11) these forums have delegated authority for the day-to-day management of individual business unit operations, ensuring the alignment of business plans with strategic targets and that operational performance is in line with, or ahead of, approved budget plans.<\/p>\n<p class=\"p1\" style=\"text-align: justify;\"><strong>13. Tender and Post-Tender Review Boards\u00a0<br \/><\/strong>These governance forums are chaired by the commercial and project delivery leads on each tender, and membership consists of key client and delivery-side project representatives as well as accountable senior management from key finance, commercial and supporting functions.\u00a0<\/p>\n<p class=\"p1\" style=\"text-align: justify;\">The review boards are responsible for ensuring the financial integrity of the project pre-delivery phase and are supported by appropriate project controls to assure the achievement of pre-agreed financial targets during all stages of construction.\u00a0<\/p>\n<p class=\"p1\" style=\"text-align: justify;\"><strong>14. Project Delivery Review Boards<br \/><\/strong>Project boards are governed by the standardised processes and practices of \u2018The Blitz\u00a0Way\u2019 \u2013 a systematic approach to risk management and quality assurance in the tendering and delivery stages of all projects, whatever their scale and complexity.\u00a0<\/p>\n<p class=\"p1\" style=\"text-align: justify;\">Through the Core and Enabling Processes (Blitzsteel\u2019s approved business quality management system) the project boards ensure project activities are performed in line\u00a0with legislation, regulations, codes of practice and the requirements of BS EN ISO 9001:2008 quality management assurance accreditations.<\/p>\n<\/div><\/div><\/div><div id=\"pgc-2317-0-2\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>Our\u00a0shareholders are committed to achieving corporate governance standards that meet the highest possible levels of integrity and compliance for a privately owned enterprise. We evaluate the effectiveness of our decision-making, accountability and audit processes against similarly sized publicly listed corporations. We believe this is the best way of ensuring the sustainable long-term growth and success &hellip;<\/p>\n","protected":false},"author":2,"featured_media":0,"parent":171,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":[],"_links":{"self":[{"href":"https:\/\/blitzsteel.com\/wp-json\/wp\/v2\/pages\/2317"}],"collection":[{"href":"https:\/\/blitzsteel.com\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/blitzsteel.com\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/blitzsteel.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/blitzsteel.com\/wp-json\/wp\/v2\/comments?post=2317"}],"version-history":[{"count":13,"href":"https:\/\/blitzsteel.com\/wp-json\/wp\/v2\/pages\/2317\/revisions"}],"predecessor-version":[{"id":3259,"href":"https:\/\/blitzsteel.com\/wp-json\/wp\/v2\/pages\/2317\/revisions\/3259"}],"up":[{"embeddable":true,"href":"https:\/\/blitzsteel.com\/wp-json\/wp\/v2\/pages\/171"}],"wp:attachment":[{"href":"https:\/\/blitzsteel.com\/wp-json\/wp\/v2\/media?parent=2317"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}