Internal controls

Laird is a holding company registered in the UK. Its activities are organised as subsidiary companies where management are appointed to manage within the framework established by the Laird Board, as well as complying with local statutory and regulatory requirements.

The following systems of internal control are designed to manage rather than eliminate the risk of failure to achieve business objectives as well as safeguarding Laird’s assets:

• an ongoing process for identifying, evaluating and managing the significant risks faced by Laird which complies with the guidance of the UK Corporate Governance Code and the Turnbull Committee on internal control which is regularly reviewed by the Board
• operating rules issued each year to the managers of subsidiaries setting out their responsibilities and delegated authorities
• annual submission by subsidiaries of their budgets to Laird’s executive directors and the identification of the key risk and control issues their businesses face and set the strategies they will employ to manage them