Accountability, control and management of our objectives
Application of the UK Corporate Governance Code
As the company is listed on the Alternative Investment Market it is not required to comply with the provisions of the UK Corporate Governance Code (the “Code”) issued in September 2012. However, the iomart Group Board is committed to ensuring that proper standards of corporate governance operate and has established governance procedures and policies that are considered appropriate to the nature and size of the Group.
Application of the The City Code on takeovers and Mergers
The City Code on Takeovers and Mergers (the “Code”) applies to the Company. The Code is administered by The Panel and Takeovers in Mergers.
We do not comply with the Code. iomart reports on its Corporate Governance arrangements by drawing upon best practice available including those aspects of the Code we consider to be relevant to the Company. The Board considers that at this stage in the Group’s development the expense of full compliance with the Code is not appropriate.
The Directors, who are responsible for the Group’s system of internal control, have established systems to ensure that an appropriate level of oversight and control is provided. The systems are reviewed for effectiveness annually by the Audit Committee and the Board. The Group’s systems of internal control are designed to help the Company meet its business objectives by appropriately managing, rather than eliminating, the risks to those objectives.
The annual financial plan is reviewed and approved by the Board. Financial results with comparisons to plan and forecast results are reported on monthly to the Board together with a report on operational achievements, objectives and issues encountered. Significant variances from plan are discussed at Board meetings and actions set in place to address them.
Approval levels for authorisation of expenditure are at set levels and cascaded through the management structure with any expenditure in excess of predefined levels requiring approval from the executive directors.
Relations With Shareholders
The Chief Executive Officer and Finance Director have, where appropriate, had regular dialogue with shareholders and analysts to discuss strategic and other issues including the Company’s financial results.
AIM Rule Compliance Report
iomart Group plc is quoted on AIM and as a result the Company has complied with AIM Rule 31 which requires the following:
- Have in place sufficient procedures, resources and controls to enable its compliance with the AIM Rules
- Seek advice from its Nominated Advisor (“Nomad”) regarding its compliance with the Rules whenever appropriate and take that advice into account
- Provide the Company’s Nomad with any information it reasonably requests in order for the Nomad to carry out its responsibilities under the AIM Rules for Nominated Advisors, including any proposed changes to the Board and Provision of draft notifications in advance
- Ensure that each of the Company’s Directors accepts full responsibility, collectively and individually, for compliance with the AIM rules
- Ensure that each Director discloses without delay all information which the Company needs in order to comply with AIM Rule 17 (Disclosure of Miscellaneous Information) insofar as that information is known to the director or could with reasonable diligence be ascertained by the Director
The iomart Group operates in its chosen cloud computing marketplace through a number of distinct and autonomous brands.
Each brand has its own personal identity, heritage and culture, but they all have one thing in common. They all live and breathe 100% uptime.
Our hosting brands give the Group its unique identity and we’re proud of their individual reputations, passionate people, innovation and the customer loyalty that they engender.
Each brand is highly customer focused and strives to deliver the world class products, services and value to their clients with each one underpinned by the Group’s Data Centre and fibre optic network, technical expertise and support services.
Through our brands we are proud to serve thousands of customers each day – from the individual requiring a blog site to the enterprise demanding a highly resilient complex cloud platform – making us one of the largest and fastest growing European cloud computing companies.
The UK’s leading domain name and web hosting brand
Cloud Backup, Disaster Recovery and Business Continuity
Managed Server Hosting specialists
Bare Metal & Dedicated Servers with no fuss
Dedicated servers and hosting with a European focus
The Group treats all of its customers with the utmost respect and seeks to be honest and fair in all relationships with them. The Group provides its customers with products of high quality.
Quality of Personnel and Employee Involvement
The Group is committed to attracting and retaining the highest level of personnel. It strives to do this through, amongst other things, the application of high standards in recruitment.
Suppliers and Subcontractors
Relationships with suppliers and subcontractors are based on mutual respect, and the Group seeks to be honest and fair in its relationships with suppliers and subcontractors, and to honour the terms and conditions of its agreements in place with such suppliers and subcontractors.
The Group recognises the importance of its employees and that the success of the Group is due to their efforts. The Group respects the dignity and rights of all its employees. The Group provides clean, healthy and safe working conditions. An inclusive working environment and a culture of openness are maintained by the regular dissemination of information.