It considers that Darren Shapland, who was appointed to the Board in March 2015, continues to discharge his role as Chairman effectively and that his contribution is important to the Company's long-term sustainable success.

That resolutions 12-15, which also appeared on the Investment Association's Public Register in 2021, are considered routine practice for UK listed companies and are within the Investment Association's Share Capital Management Guidelines. The Board is aware, however, that some non-UK resident investors have a policy of not supporting resolutions of this nature which, when passed, grant the Board specific authorities without the need to seek further shareholder approval.

The views of all shareholders are important to the Company and the Board is committed to maintain ongoing engagement with its shareholders. However, the Board highlights that the Company has no recent history of issuing new shares other than to satisfy employee share plans, and the Board still considers the flexibility afforded by these authorities to be in the best interests of the Company and its shareholders.