UNBOUNCE - EXAMPLE PAGE-REPORT-ENTERPRISE DOCUMENT-KINGSPAN - Flipbook - Page 26
Management and employees
This performance is thanks to the
hard work and dedication of the
Kingspan Team of over 19,000
employees globally. On behalf of the
Board, I want to thank management
and all the employees for their
contribution to Kingspan’s success in
2021. I hope to have the opportunity
to meet with some of the local teams
in person and hear their plans for
the future, as the Board once again
resumes visits to Kingspan sites later
this year.
Board governance and focus
It is appropriate that in this, my first
report as Chairman of Kingspan, I set
out the Board’s key areas of focus:
g The Board will continue to support
management to develop and
implement the Company’s
strategy and deliver long-term
value to shareholders, in line
with our mission to accelerate
a net zero emissions future built
environment with the wellbeing of
people and planet at its heart.
g The Board is committed to
high standards of corporate
governance which reflects our core
values of honesty, integrity and
compliance in everything we do,
and I was pleased to virtually meet
with some of our top shareholders
during the year to discuss Board
governance matters with them.
Full details of how we have
aligned this commitment with
the principles of the UK Corporate
Governance Code are set out
in the Directors’ Report of this
Annual Report.
g The Nominations & Governance
Committee continues to ensure
the effectiveness of the Board
through an appropriate balance
of skillsets and backgrounds to
reflect Kingspan’s global business
and culture.
g The Report of the Remuneration
Committee details how the
Company’s remuneration policy
aligns pay for performance with
the delivery of the Group strategy,
and how the remuneration
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policy has evolved in response
to shareholder feedback and
changes in scale of the business.
g The Board, through the Audit
& Compliance Committee,
carefully monitors and manages
compliance and risk across our
business. The expansion of the
Audit & Compliance Committee’s
remit to include product
certification and compliance was
an important step introduced last
year, and progress against this
and how it was implemented is set
out in that committee’s
report on pages 96 to 103 of
this Annual Report.
g We are committed to
fully implementing the
recommendations of the
Eversheds Sutherland’s review. A
summary of how these have been
implemented to date is included
in the Report of the Nominations
& Governance Committee with
further details on our website at
inquiry.kingspan.com.
Board changes
At last year’s Annual General Meeting,
the Company’s founder and my
predecessor as Chairman, Eugene
Murtagh, retired as a non-executive
director after 55-years with Kingspan.
During that time, Kingspan grew to
become the global leader that it is
today based on the entrepreneurial
culture that he set from the top. He
leaves a tremendous legacy and a
Kingspan spirit that we are all proud
to be a part of. On behalf of myself
and the Board, I would like to pay
thanks to Eugene and look forward
to his staying in contact with the
Company as President Emeritus.
At the same time, Bruce McLennan
also retired from the Board after six
years and I would like to thank Bruce
for his contribution to Kingspan
during that period.
As part of the continuing process of
refreshing the Board, we were pleased
to announce the appointments of
Éimear Maloney and Paul Murtagh
as non-executive directors last April.
Éimear has extensive knowledge and
experience of capital markets and
manufacturing compliance, and Paul
of US markets and entrepreneurial
value creation. We were delighted
to welcome them both to the Board.
Looking ahead
Whilst recognising that challenges
remain in the near-term, I am
excited about the opportunities
that lie ahead, and I’m confident
that management are focused
on progressing Kingspan’s proven
strategy of Innovation, Planet
Passionate, Completing the Envelope,
and Global to deliver long-term
sustainable success for the benefit
of our stakeholders.
Jost Massenberg
Chairman
22 February 2022
