AGM | 05/10/2023 |
Novacyt SA Comptes Annuels 2022
Novacyt SA Comptes Consolides 2022
Novacyt Rapport de Gestion 2022
Présentation Investisseurs Avril 2023
Novacyt Rapport Annuel et Accounts 2022
Rapport spécial des commissaires aux comptes sur les conventions réglementées
Rapport du commissaire aux comptes sur l’émission d’actions ordinaires
Novacyt SA Comptes Annuels 2022
Novacyt SA Comptes Consolides 2022
Novacyt Rapport de Gestion 2022
Présentation Investisseurs Avril 2023
Comptes intérimaires juin 2022
Rapport D’Activite Semestriel 2022
Présentation Investisseurs Septembre 2022
Présentation Investisseurs Juin 2022
Présentation Investisseurs Avril 2022
Investor Q&A Event August 2021
Novacyt 2021 Rapport de Gestion
Novacyt SA Comptes Consolides 2021
Novacyt SA Comptes Annuels 2021
Comptes intérimaires juin 2021
Rapport d’Activité Semestriel 2021
Rapport annuel et comptes Novacyt pour l’exercice clos en décembre 2020
Novacyt 2020 Rapport de Gestion
Novacyt SA Comptes Consolides 2020
Novacyt SA Comptes Annuels 2020
Comptes intérimaires juin 2020
Rapport d’Activité Semestriel 2020
Rapport annuel et comptes Novacyt pour l’exercice clos en décembre 2019
Novacyt SA comptes sociaux 2019 (rapport du commissaire aux comptes)
Novacyt Rapport de gestion 2019
Novacyt SA comptes consolidés 2019 (rapport du commissaire aux comptes)
Comptes intérimaires juin 2019
Rapport d’Activité Semestriel 2019
Rapport annuel et comptes Novacyt pour l’exercice clos en décembre 2018
Novacyt SA comptes annuels 311218
Novacyt 2018 comptes de groupe
Novacyt Rapport de gestion 2018
Comptes intérimaires juin 2018
Rapport d’Activité Semestriel 2018
Rapport annuel et comptes Novacyt pour l’exercice clos en décembre 2017
Novacyt 2017 comptes de groupe
Novacyt Rapport de gestion 2017
Novacyt SA comptes annuels 311217
Rapport d’Activité Semestriel 2017
Rapport du commissaire aux comptes sur comptes consolides annuels 2016
Rapport du commissaire aux comptes sur comptes annuels 2016
Assestation du commissaire aux comptes sur remuneration 2016
Rapport special du commissaire aux comptes sur ls conventions reglementees 2016
NVT SOC – Rapport de gestion 2016
Novacyt rapports d’audit et attestation CAC 311216
Novacyt SA comptes annuels 311216
Novacyt comptes consolidés 311216
Comptes consolidés du 1er semestre 2016 en français
Rapport d’Activité Semestriel 2016
Rapport spécial du commissaire aux comptes sur les conventions réglementées 2015
Novacyt – 12-2015 – IFRS – English – Final
Attestation du commissaire aux comptes sur rémunération 2015
Rapport du commissaire aux comptes sur comptes annuels 2015
Rapport du commissaire aux comptes sur comptes consolidés annuels 2015
Rapport de gestion 2015 – v2016 05 02
Novacyt comptes annuels 311215 déf
Novacyt comptes consolidés 2015 2014 2013 déf
Rapport d’Activité Semestriel 2015
Rapport Financier Semestriel 2015
Rapport spécial du CAC sur les conventions réglementées
Rapport du CAC sur les comptes consolidés
Rapport du CAC sur les comptes annuels
Attestation du commissaire aux comptes
Rapport de gestion sur les comptes au 31.12.2014
Etats financiers consolidés au 31.12.2014
Rapport Financier Semestriel 2014
Rapport Financier Semestriel 2013
Ordre du jour et texte des résolutions
Rapport et texte des résolutions
Novacyt Rapport de Gestion 2023
Formulaire de demande d’envoi de documents
Activité de la Société au cours de l’exercice
Rapport Réso 14 actions gratuites
Rapport Réso 15 Options de souscription ou d achat d actions
Rapport des commissaires aux comptes sur les comptes annuels
Rapport des commissaires aux comptes sur les comptes consolidés
Rapport spécial des commissaires aux comptes sur les conventions réglementées
Ordre du jour et texte des résolutions
Rapport et texte des résolutions
Novacyt Rapport de Gestion 2023
Formulaire de demande d’envoi de documents
Activité de la Société au cours de l’exercice
Avis de seconde convocation à l’Assemblée Générale Annuelle
Ordre du jour et texte des résolutions
Ordre du jour et texte des résolutions
Formulaire de vote pour 21 Juin 2022
Rapport Du Conseil D’administration Sur Les Resolution 21 Juin 2022
Attestation_des_rémunerations
Formulaire de demande d’envoi de documents
NVT SOC – Activité de la Société au cours de l’exercice
Rapport des commissaires aux comptes sur les comptes annuels
Rapport des commissaires aux comptes
Rapport special des commissaires aux comptes sur les conventions reglementees
Rapport_Réso_11_actions_gratuites
Rapport_Réso_12_Options_de_souscription_ou_d’achat_d’actions
Bienvenue sur la présentation d’inscription et de vote à l’AGA de Novacyt
Activité de la Société au cours de l’exercice
Ordre du jour et texte des résolutions
Formulaire d’envoi de documents
Rapport du commissaire aux comptes sur les comptes annuels
Rapport du commissaire aux comptes sur les comptes consolidés
Rapport spécial du commissaire aux comptes sur les conventions reglementees
Rapport spécial du Conseil sur les résolutions
Novacyt 2021 l’Assemblée Générale Annuelle inscription
NOVACYT Rapport aug capital salariés 20210913 signed
NOVACYT Rapport Délégation globale 20210913 signed
Novacyt Rapport Réso 16 actions gratuites 20210913 signed
Novacyt Rapport Réso 17 Options de souscription ou d’achat d’actions 20210913 signed
Novacyt Avis de convocation à lAssemblée Générale Annuelle
Formulaire de vote pour lundi 18 Octobre 2021
Novacyt convocations nominatives
RÉSULTATS DE L’ASSEMBLÉE GÉNÉRALE MIXTE
Activité de la Société au cours de l’exercice
Ordre du jour et texte des résolutions
Formulaire d’envoi de documents
Rapport du commissaire aux comptes sur les comptes annuels
Rapport du commissaire aux comptes sur les comptes consolidés
Rapport spécial du commissaire aux comptes sur les conventions reglementees
Rapport spécial du Conseil sur les résolutions
Novacyt 2021 l’Assemblée Générale Annuelle vidéo d’inscription et de vote
Novacyt 2021 l’Assemblée Générale Annuelle inscription
NOVACYT Rapport aug capital salariés 20210913 signed
NOVACYT Rapport Délégation globale 20210913 signed
Novacyt Rapport Réso 16 actions gratuites 20210913 signed
Novacyt Rapport Réso 17 Options de souscription ou d’achat d’actions 20210913 signed
Novacyt Avis de report de lAssemblée Générale Annuelle 2021
Rapport special du commissaire aux comptes sur les conventiions reglementees
Activité de la Société au cours de l’exercice
Ordre du jour et texte des résolutions
Rapport spécial du Conseil sur les résolutions
Formulaire d’envoi de documents
Inscription des actionnaires pour accéder à l’AG
Revue 2 Rapport aug capital salariés
Revue 2 Rapport Délégation globale
Revue 2 Rapport Réso 13 actions gratuites
Revue 2 Rapport Réso 14 Options de souscription ou d’achat d’actions
RÉSULTATS DE L’ASSEMBLÉE GÉNÉRALE MIXTE
RÉSULTATS DE L’ASSEMBLÉE GÉNÉRALE MIXTE Julliet 2019
Ordre du jour et texte des résolutions
Formulaire de vote par procuration
RÉSULTATS DE L’ASSEMBLÉE GÉNÉRALE MIXTE Juin 2018
Ordre du jour et texte des résolutions
Formulaire de vote par procuration
Avis de convocation publié au BALO le 9 juin 2017
Ordre du jour et texte des résolutions
Rapport du Conseil d’administration sur les résolutions
Résultats de la résolution AGE
Lettre de convocation AGE nominatif
Assemblée générale ordinaire annuelle de Novacyt
Télécharger l’avis de convocation modificatif
Télécharger l’avis de réunion valant avis de convocation
Télécharger l’avis de convocation modificatif
Télécharger l’avis de réunion valant avis de convocation
Télécharger l’avis de convocation
Télécharger l’avis de réunion valant avis de convocation
Nombre total de droits de vote et actions composant le capital social – Arrêté au 31 Août 2023
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Tableau de suivi du contrat OCABSA 26 Septembre 2019
Nombre total de droits de vote et actions composant le capital social – Arrêté au 31 août 2019
Tableau de suivi du contrat OCABSA 9 Septembre 2019
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Tableau de suivi du contrat OCABSA 30 juillet 2019
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Tableau de suivi du contrat OCABSA 3 mai 2019
Nombre total de droits de vote et actions composant le capital social – Arrêté au 30 avril 2019
Tableau de suivi du contrat OCABSA 3 mai 2019
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Notification des participations importantes – 25 Janvier 2018
Notification des participations importantes – 3 novembre 2017
Tableau de suivi du contrat OCABSA
Nombre total de droits de vote et actions composant le capital social – Arrêté au 31 dec 2017
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S. P. Angel Corporate Finance LLP
(Nominated Advisor and Joint Broker)
Prince Frederick House
35-39 Maddox Street
London W1S 2PP
SP Angel update note 04.02.2021
Note d’initiation SP Angel 21.10.2020
L’accès à la recherche de SP Angel Corporate Finance LLP (« SPA ») via ce site Web est soumis aux conditions suivantes. SPA ne traite pas avec des investisseurs particuliers ou privés (sauf dans le cadre de son activité de financement d’entreprises). La recherche de SPA n’est donc pas préparée pour les investisseurs privés et ne prend pas en compte les objectifs d’investissement des investisseurs particuliers ou d’une catégorie d’investisseurs. L’accès à la recherche de SPA ne vous est donc pas donné en votre qualité d’investisseur ou de client de SPA ou d’investisseur ou client potentiel. Ainsi, vous avez bien noté que SPA ne vous offre aucun service financier. Les membres du bureau de recherche de SPA ne sont pas autorisés à interagir avec des investisseurs privés et vous ne devez pas tenter d’entrer en contacter avec eux.
Numis
(Joint Broker)
45 Gresham Street
London, EC2V 7BF
Walbrook PR
(Public Relations)
75 King William St
London, EC4N 7BE
Constantin Limited
(UK Auditors)
25 Hosier Lane
London
EC1A 9LQ
Deloitte & Associés
(French Auditors)
6 place de la Pyramide
92908 Paris-La Défense Cedex
France
Alberis Audit
2 rue Colmar
92400 Courbevoie
France
Mandy Cowling
Responsable des relations entreprises et investisseurs
E investor.relations@novacyt.com
Paul McManus
Walbrook PR
T +44 (0) 20 7933 8787
E novacyt@walbrookpr.com
The Company is incorporated in France with registered no. 491 062 527.
In addition, it has direct and indirect subsidiaries and a branch based in the UK, with further operations in the US and in Asia Pacific and its products are distributed to and sold across multiple jurisdictions.
The Company is admitted to trading on the AIM market of the London Stock Exchange and listed on Euronext Growth Paris.
The Company is subject to the applicable laws and regulations of France, as well as the regulatory framework that applies to the French and AIM stock markets.
13 Avenue Morane Saulnier
78140 Vélizy-Villacoublay
France
Click here to view the Novacyt articles of association >>
The Novacyt Group is an international diagnostics business generating an increasing portfolio of in vitro and molecular diagnostic tests. Its core strengths lie in diagnostics product development, commercialisation, contract design and manufacturing. The Company supplies an extensive range of high-quality assays and reagents worldwide. The Group directly serves microbiology, haematology and serology markets as do its global partners, which include major corporates.
The Board comprises of one Executive Director and four Non-executive Directors.
James Wakefield, Independent Non-executive Chairman
James McCarthy, Chief Financial Officer and Acting Chief Executive Officer
Andrew Heath MD, PhD, Independent Senior Non-Executive Director
Jean-Pierre Crinelli, Non-Executive Director
Juliet Thompson, Independent Non-Executive Director
Bribery Act
Bribery offences
The offence of failing to prevent bribery
Adequate procedures defence
Criminal penalties
Particular risks for the Group
Facilitation payments: These are payments demanded by officials (or others) simply to secure or expedite the performance of their normal duties (for example, granting a licence, allowing goods to cross a border, and so on). These are commonplace in some jurisdictions, but the making of such payments, regardless of how small, is an offence under the Act, (Note: the equivalent US legislation (Foreign Corrupt Practices Act 1977) currently specifically exempts such payments provided they are not unlawful in the relevant jurisdiction, but the Bribery Act does )
Action points
Novacyt S.A. is listed on the Euronext Growth Paris (formerly known as Alternext Paris) and is admitted to trading on the AIM market of the London Stock Exchange.
Rule 17 of the AIM Rules requires, inter alia, that shareholders notify an AIM listed company once their holding is three per cent or more, and changes thereto (movements through a percentage point upwards or downwards).
As as 14.02.2023 there are no significant shareholdings of 3% or more.
Director shareholdings:
Director | Shares Held | % of Issued Share Capital |
---|---|---|
James McCarthy | 49,670 | 0.07% |
James Wakefield | 43,839 | 0.06% |
Dr Andrew Heath & Family | 20,000 | 0.03% |
Jean-Pierre Crinelli | 33,981 | 0.05% |
The rights of the Company’s shareholders may be different from the rights of shareholders in a UK incorporated company.
There are no restrictions on transfer of securities.
Financial reports available in tab above.
Click here to view company announcements >>
The Company is not subject to the UK City Code on Takeovers and Mergers. However, French law contains provisions relating to takeovers of certain companies, including the Company.
The General Regulation of the Autorité Des Marchés Financiers of France (the AMF) applies to the Company, as it is a public limited company whose shares were first admitted to trading on Euronext Growth Paris, if an acquisition of hares in such a company were to increase the aggregate holding of the acquirer and its concert parties to interests in shares carrying 50 per cent. or more of the share capital or voting rights in the company, the acquirer and its concert parties would be required (except with the consent of the AMF) to make a cash offer for the outstanding shares at a price not less than the highest price paid for the shares by the acquirer or its concert parties during the previous twelve months.
S. P. Angel Corporate Finance LLP
(Nominated Advisor and Joint Broker)
Prince Frederick House
35-39 Maddox Street
London W1S 2PP
Numis
(Joint Broker)
45 Gresham Street
London
EC2V 7BF
Walbrook PR
(Public Relations)
75 King William St
London, EC4N 7BE
Deloitte LLP
(Auditors)
2 New Street Square
London EC4A 3BZ
Deloitte & Associés
185 Avenue Charles du Gaulle
92524 Neuilly-sur-Seine Cedex
France
The Directors recognise the value and importance of high standards of corporate governance and have adopted the QCA Corporate Governance Code (the “QCA Code”). At the present time, the Board believes the Group is fully compliant with the QCA Code.
James Wakefield, as non-executive director and Chairman, has assumed responsibility for ensuring that the Group has appropriate corporate governance standards in place and that these requirements are followed and applied within the Group as a whole.
There have been no changes to governance related matters that have occurred during the year.
The sections below set out the ways in which the Group applies the ten principles of the QCA Code in support of the Group’s medium to long-term success.
Last updated 01.12.2022
DELIVER GROWTH
1. Establish a strategy and business model which promotes long-term value for shareholders
The Board is responsible to Shareholders for setting the Group’s strategy by:
maintaining the policy and decision making process around which the strategy is implemented; ensuring that necessary financial and human resources are in place to meet strategic aims; monitoring performance against key financial and non-financial indicators;
providing leadership whilst maintaining the controls for managing risk; overseeing the system of risk management; and setting values and standards in corporate governance matters.
The Board has established a strategy and business model which seek to promote long-term value for Shareholders and the business is focused on three strategic pillars of growth:
2. Seek to understand and meet shareholder needs and expectations
The Company has a strong commitment to market communication, with the Directors seeking to be accountable against the stated strategic objectives of the Group. The Company maintains regular contact with Shareholders through publications such as the Annual Report and Accounts, operational updates, regular press announcements made via a regulatory information service and the Company’s website.
The Company is responsive to Shareholder telephone and email enquiries throughout the year and the Board regards the AGM as a particularly important opportunity for Shareholders and members of the Board to meet and exchange views.
The Company receives occasional feedback direct from investors, which is carefully considered by the Board, with appropriate action being taken where the Board believes it in the interests of Shareholders to do so. None of the feedback received from investors has involved non-compliance with the QCA Code.
3. Take into account wider stakeholder and social responsibilities and their implications for long-term success
In addition to its Shareholders, the Company believes its main stakeholder groups are its employees, clients, suppliers and relevant statutory authorities in its areas of operation.
The Group is committed to maintaining the highest standards of corporate social responsibility in its business activities by: aiming to comply with all applicable laws and regulations, wherever the Group operates; achieve and comply with relevant quality and people management standards; consult with and respond to the concerns of its stakeholders; work towards realising the Group’s mission and vision statements; and behave with honesty and integrity in all the Group’s activities and relationships with others and reject bribery and corruption in all its forms.
The Board recognises the benefits of a diverse workforce, which enables the Group to make better decisions about how to optimise resources and work by eliminating structural and cultural barriers and bias. It allows us to: protect and enhance our reputation by recognising and respecting the needs and interests of diverse stakeholders: deliver strong performance and growth by attracting, engaging and retaining diverse talent; and innovate by drawing on the diversity of perspectives, skills, styles and experience of our employees and stakeholders.
The Group is committed to ensuring that it treats its employees fairly and with dignity. This includes being free from any direct or indirect discrimination, harassment, bullying or other form of victimisation. The Group has policies in place to encourage employees to speak up about any inappropriate practices or behaviour.
It was important for us to look after our employees during 2020 as they are keyworkers and the majority had to come into work during lockdown. We continued to pay employees who had to shield, self-isolate or take time off for childcare. We also introduced a bonus to recognise that our employees were working particularly hard during these challenging times. At the end of 2020, we introduced a COVID-19 screening programme, using our tests, to prevent the spread of Coronavirus amongst the workforce.
During this time, we reminded our employees of the Employee Assistance Programme, which provides 24/7 support for any issues they were facing during this time, particularly with mental health challenges, relationship issues, etc.
The Group believes that having empowered and responsible employees who display sound judgement and awareness of the consequences of their decisions or actions, and who act in an ethical and responsible way, is key to the success of the business.
The operation of a profitable business is a priority and that means investing for growth as well as providing returns to its Shareholders. To achieve this, the Group recognises that it needs to operate in a sustainable manner and therefore has adopted core principles to its business operations, which provide a framework for both managing risk and maintaining its position as a good ‘corporate citizen’, and also to facilitate the setting of goals to achieve continuous improvement.
The Group encourages feedback from its clients through engagement with individual customers. As a consequence of such feedback, the Group has collaborated with multiple existing and prospective clients to develop and validate new products, work flows and know-how to improve accuracy, reduce testing turnaround times, cost per test, and ultimately deliver improved clinical outcomes for millions of individual patients globally.
The Board is aware of the need to maintain good working relationships with the Group’s key suppliers and receives regular updates from the Executive team on key supply agreements.
Health and safety
The Group is committed to complying with all relevant health and safety regulations to its operations. As such, the Group has adopted a Health & Safety Policy, which forms part of the Employee Handbook issued to all employees upon commencement of employment within the Group. The policy sets out arrangements and responsibilities across the Group and includes aspects such as: emergency procedures; security recommendations; accidents/incidences and first aid; manual handling/lifting and moving; work related upper limbs disorders (including strains to hands and arms); display screen equipment/visual display equipment; alcohol and drugs policy; smoking policy; and COVID-19 in the workplace.
The Group is not aware of any orders made in respect of a breach of health and safety regulation during the period.
Environment
The Directors consider that the nature of the Group’s activities is not detrimental to the environment. The Group continues to maintain the necessary levels of quality control and quality assurance through the application of its various quality management systems. Manufacturing facilities operate to the current revisions of ISO 13485:2016 and ISO 9001:2015 as applicable.
4. Embed effective risk management, considering both opportunities and threats, throughout the organisation
The Board has overall responsibility for the Group’s system of internal control and for reviewing the effectiveness of internal control to safeguard Shareholders’ investment and the Group’s assets. There is an ongoing process for identifying, evaluating and managing the significant risks the Group faces.
The Board delegates to the Executive team the responsibility for designing, operating and monitoring both the risk management and internal control systems, and the maintenance of effective internal controls within the Group. The Company also has a whistleblowing policy.
The systems and controls in place include policies and procedures, which relate to the maintenance of records that fairly and accurately reflect transactions, correctly evidence and control the Group’s assets, provide reasonable assurance that transactions are recorded as necessary to enable the preparation of financial statements in accordance with International Financial Reporting Standards (“IFRS”), and review and reconcile reported results.
The Group’s key internal controls are:
• an independent review of internal controls was completed in 2020;
• a regular review of the Group’s insurance policies with its insurance broker to ensure that the policies are appropriate for the Group’s activities and exposures;
• a comprehensive system for consolidating financial results from Group companies and reporting these financial results to the Board;
• reviewing cash flow, annual revenue and capital forecasts regularly during the year, along with regular monitoring of management accounts and capital expenditure reported to the Board and comparisons with forecasts;
• financial controls and procedures, including in respect of bank payments, bank reconciliation’s and petty cash;
• monthly review of outstanding debtors;
• regular meetings of the Executive team; and
• an Audit Committee that approves audit plans and published financial information and reviews reports from the external Auditor arising from the audit and deals with significant control matters raised.
The Board monitors the activities of the Group through regular Board meetings and it retains responsibility for approving any significant financial expenditure or commitment of resources. Risk management is focused around the operational areas of the Group. The Group has a dedicated Regulatory Affairs and Quality Assurance Director who has extensive operational experience at senior management and board levels, and particularly strong experience in quality system development and regulatory compliance. He is responsible for a Regulatory team operating across the Group, working at identifying and prioritising operational risks and working with the operational teams to mitigate the identified risks. This work is supported by the risk assessment procedure in place across the Group, with the objective to ensure that risk assessment of the Group’s equipment, procedures and processes is approached consistently across the Group.
With the assistance of the Audit Committee, the Board’s review process is principally based on reviewing regular reports from the Executive team to consider whether significant risks are identified, evaluated, managed and controlled effectively, and whether any significant weaknesses are promptly remedied. The system is designed to manage rather than eliminate the risk of failure to achieve the Company’s objectives, and can only provide reasonable and not absolute assurance against material misstatement or loss.
In assessing what constitutes reasonable assurance, the Board considers the materiality of financial and non-financial risks and the relationship between the cost of, and benefit from, internal control systems.
The Board confirms that it has, during the reporting period, reviewed on an ongoing basis the effectiveness of the Company’s system of internal controls including financial, operational and compliance controls and risk management systems and has reviewed insurance provisions. No significant failing or weaknesses have been identified.
MAINTAIN A DYNAMIC MANAGEMENT FRAMEWORK
5. Maintain the Board as a well-functioning, balanced team led by the Chair
The Chairman, James Wakefield, is responsible for leadership of the Board, ensuring its effectiveness in all aspects of its role. The Company is satisfied that the current Board is sufficiently resourced to discharge its governance obligations on behalf of all stakeholders.
To enable the Board to discharge its duties, all Directors receive appropriate and timely information. Briefing papers are distributed to all Directors in advance of Board and Committee meetings. All Directors have access to the advice and services of the Chief Financial
Officer and the Company Secretary, who are responsible for ensuring that the Board procedures are followed, and that applicable rules and regulations are complied with. In addition, procedures are in place to enable the Directors to obtain independent professional advice in the furtherance of their duties, if necessary, at the Company’s expense.
In between Board meetings, the Executive Directors maintain regular informal contact with the Non-Executive Directors. Whilst the Board retains overall responsibility for, and control of, the Group, day-today management of the business is conducted by the Executive Directors, who meet with the senior management team on a weekly basis.
Board of Directors
The Board comprises seven members, of which five are Non-executive Directors, being James Wakefield, Dr Andrew Heath, Dr Ed Snape, Jean-Pierre Crinelli and Juliet Thompson. The Non-executive Directors are appointed to act in the best interests of the Company, and when relevant, appropriately record their concerns about the running of the Company.
Independence of Directors
The Directors acknowledge the importance of the principles of the QCA Code which recommend that a company should have at least two independent non-executive directors. The Board has, therefore, considered and determined that, since the date of their respective appointments, James Wakefield, Dr Andrew Heath, Dr Ed Snape, and Juliet Thompson were, and continue to be, independent of the executive management and free from any relationship which could materially affect the exercise of their independent judgement.
At the time of the AIM listing, Jean-Pierre Crinelli’s role had just changed to that of a Non-Executive Director. At that time, the Board did not consider him independent as he was previously an Executive Director of the Company and one of the founders of the NOVAprep® business. The Board now considers Jean-Pierre Crinelli to be an Independent Non-Executive Director. It has reached this view following the sale of NOVAprep® by the Company in 2019, and because he has now been a Non-Executive Director for over five years, and has demonstrated his independence over that period through his questioning at Board meetings. All other Non-Executive Directors are considered independent for the purpose of the QCA Code, as none have beneficial or non-beneficial shareholdings in the Company exceeding 3%, nor have an existing tenure of more than 12 years. Dr Ed Snape was co-owner of Nexus Medical, LLC, the general partner of Nexus Medical Partners II, L.P., which has a current shareholding in the Company of less than 3% Accordingly, Dr Ed Snape is considered by the Directors to be independent for the purposes of the QCA Code.
All the Non-Executive Directors constructively challenge and help develop proposals on strategy and bring strong, independent judgement, knowledge and experience to the Board’s deliberations. The Non-Executive Directors are of sufficient experience and competence that their views carry significant weight in the Board’s decision making and when relevant, would record their concerns about the running of the Company. At each meeting the Board considers Directors’ conflicts of interest.
The Non-Executive Directors have regular opportunities to meet without Executive Directors being present (including time after Board and Committee meetings).
Time commitments
Non-Executive Directors receive a formal appointment letter on joining the Board which identifies the terms and conditions of their appointment.
A potential director candidate (whether an executive director or non-executive director) is required to disclose all significant outside commitments prior to their appointment.
The Board is satisfied that both the Chairman and the Non-Executive Directors are able to devote sufficient time to the Company’s business.
If considered appropriate, the Board may authorise Executive Directors to take non-executive positions in other companies and organisations, provided the time commitment does not conflict with the Director’s duties to the Company, since such appointments should broaden their experience. The acceptance of appointment to such positions is subject to the approval of the Chairman.
Attendance at Board and Committee meetings
The Directors meet at least ten times per year for formal Board meetings to discuss and decide the Group’s business, financial performance and strategic decisions. In addition, and as required, the Board meets more frequently by conference call to discuss and decide on matters considered more urgent, such as those relating to acquisitive growth.
During the reporting period, the Board met in person or via conference calls 16 times.
In advance of each meeting of the Directors, the Board is provided with relevant information to ensure that it can properly carry out its role. For each meeting, the Directors generally consider the minutes of the previous meeting and any action points, recent forecast and operations, cash flows and progress on any particular projects.
The attendance of each Director at Board and Committee meetings during 2020 is set out in the table below. Attendance is expressed as the number of meetings attended/number eligible to attend. Directors’ attendance by invitation at meetings of Committees of which they are not a member is not reflected in the following table.
Director | Board | Audit Committee | Nomination Committee | Remuneration Committee |
James Wakefield | 16/16 | 2/2 | ||
Graham Mullis | 16/16 | |||
Anthony Dyer | 16/16 | |||
Dr Andrew Heath | 16/16 | 5/5 | 2/2 | 9/9 |
Dr Edwin Snape | 16/16 | 9/9 | ||
Jean-Pierre Crinelli | 16/16 | 5/5 | ||
Juliet Thompson | 16/16 | 5/5 | 2/2 | 9/9 |
6. Ensure that between them, the directors have the necessary up-to-date experience, skills and capabilities
The Board currently comprises of one Executive and five Non-Executive Directors with an appropriate balance of sector, financial and public market skills and experience to deliver the Group’s strategy for the benefit of shareholders over the medium to long term. The Board considers that the Non-Executive Directors bring a wide experience at a senior level of business operations and strategy and have an expanse of knowledge and expertise gained from other areas of business.
The experience and knowledge of each of the Directors gives them the ability to constructively challenge the strategy and to scrutinise performance. The Board also has access to external advisors where necessary. Neither the Board nor its Committees sought external advice on any significant matter during the reporting period.
New Directors are presented with appropriate levels of background information on the Company, meet the management, visit sites and spend time with the Chairman and other Directors as required. The induction is tailored to meet each new Director’s specific needs.
Throughout their period in office the Directors are continually updated on the Group’s business, the industry and competitive environment in which it operates, corporate social responsibility matters and other changes affecting the Group by written briefings and meetings with senior executives.
Each Director takes responsibility for maintaining his/her skill set, which includes roles and experience with other boards and organisations as well as attending formal training and seminars. The Executive Directors receive regular and ongoing updates from their professional advisors covering financial, legal, tax and the Euronext Growth Paris and AIM Rules.
The Company Secretary provides information and advice on corporate governance and individual support to Directors on any aspect of their role, particularly supporting the Chairman and those who chair Board Committees. The Company Secretary is also responsible for ensuring that Board procedures are followed, that the Company complies with company law and with the Euronext Growth Paris and AIM Rules.
The Company is a strong supporter of diversity in the boardroom and, during the reporting period, the Board comprised of one female and six male Directors. The Company remains of the opinion that appointments to the Board should be made relative to a number of different criteria, including diversity of gender, background and personal attributes, alongside the appropriate skill set, experience and expertise.
7. Evaluate Board performance based on clear and relevant objectives, seeking continuous improvement
Board evaluation
The Board is mindful that it needs to continually monitor and identify ways in which it might improve its performance and recognises that board evaluation is a useful tool for enhancing a board’s effectiveness. Alongside the formal annual evaluation, the Chairman routinely assesses the performance of the Board and its members and discusses any issues, problems or shortcomings with the relevant Directors. Likewise, the Senior Independent Director reviews the performance of the Chairman.
It is not an AIM requirement for an external Board appraisal to be undertaken; however, in view of the significant growth experienced by the Company during 2020 and its growth plans for the future, the Board intends to appoint an external third party to undertake an independent review of the Board and its operations. The report will seek input from all Board members both
in the form of a questionnaire and one-to-one interviews covering:
In addition, the independent review will have access to certain historic nonconfidential/ price sensitive Board packs and other information.
Final feedback will be in the form of a full report for internal use. It is intended that this includes an Executive summary and key findings, together with a detailed analysis of the responses to the questionnaire and anonymised comments made in response to the questionnaire and during the interviews. The report will also include recommendations for consideration together with benchmarking against best practice.
The aim of the review is to ensure that the Board contains the necessary skills to enable it to be satisfied that:
8. Promote a corporate culture that is based on ethical values and behaviours
The Company recognises the importance of investing in its employees to provide foundations and leadership to drive performance further, regardless of age, race, religion, gender or sexual orientation or disability. Our core company values are the building blocks for developing our dynamic and challenging culture within the Group.
These values represent our philosophy which through our people and organisation will help the business deliver our company goals. The values represent how each of us can contribute to the success of the Company both now and in the future as an individual and also as part of the wider team.
The Group recognises the importance of investing in its employees and, as such, the Group provides opportunities for training and personal development and encourages the involvement of employees in the planning and direction of their work. These values are applied regardless of age, race, religion, gender, sexual orientation or disability.
The Group believes that it has robust policies and procedures for combating bribery and corruption.
The Group recognises that commercial success depends on the full commitment of all its employees and commits to respecting their human rights, to provide them with favourable working conditions that are free from unnecessary risk and to maintain fair and competitive terms and conditions of service at all times. The performance and reward system endorses the desired ethical behaviours across all levels of the Group.
9. Maintain governance structures and processes that are fit for purpose and support good decision-making by the Board
The Chairman, James Wakefield, is responsible for leading the Board, facilitating the effective contribution of all members and ensuring that it operates effectively in the interests of the shareholders. James McCarthy, the Acting Chief Executive Officer, is responsible for the leadership of the business and implementation of the strategy. By dividing responsibilities in this way, no one individual has unfettered powers of decision-making.
The Board reserves for itself a range of key decisions to ensure that it retains proper direction and control of the Group, and a formal schedule of matters reserved for decision by the Board has been adopted by the Board since Admission to AIM. Such matters include business strategy and management, financial reporting (including the approval of the annual budget), Group policies, corporate governance matters, major capital expenditure projects, material acquisitions and divestment’s and the establishment and monitoring of internal controls. This schedule may be updated by the Board and approved by the Board only. The day-to-day management of the business has been delegated to the Chief Executive Officer and the wider Executive Team.
The appropriateness of the Board’s composition and corporate governance structures are reviewed through the ongoing Board evaluation process and on an ad hoc basis by the Chairman together with the other Directors, and these will evolve in parallel with the Group’s objectives, strategy and business model as the Group develops.
Board Committees
The Board has established an Audit Committee, a Remuneration Committee and a Nomination Committee, the terms of these Committees reflect market practice on AIM. These Committees of the Board have formally delegated responsibilities.
Audit Committee
The Audit Committee is chaired by Juliet Thomson, and has primary responsibility for monitoring the quality of internal controls, ensuring that the financial performance of the Group is properly measured and reported on, and for reviewing reports from the Group’s auditor relating to the Group’s accounting and internal controls, in all cases having due regard to the interests of shareholders. The Audit Committee meets at least twice a year. Dr Andrew Heath and Jean-Pierre Crinelli are the other members of the Audit Committee.
Remuneration Committee
The Remuneration Committee is chaired by Dr Andrew Heath, and reviews the performance of the Executive Directors, and determines their terms and conditions of service, including their remuneration and the grant of options, having due regard to the interests of shareholders. The Remuneration Committee meets at least twice a year. Dr Ed Snape and Juliet Thompson are the other members of the Remuneration Committee.
Nomination Committee
The Nomination Committee is chaired by James Wakefield, and identifies and nominates, for the approval of the Board, candidates to fill Board vacancies as and when they arise. The Nomination Committee meets at least once a year. Dr Andrew Heath and Juliet Thompson are the other members of the Nomination Committee.
BUILD TRUST
10. Communicate how the Group is governed and is performing by maintaining a dialogue with shareholders and other relevant stakeholders
As explained earlier in this Corporate Governance Statement, the Board has established a Nomination Committee, an Audit Committee and a Remuneration Committee.
The Board places its responsibility to the Company’s shareholders and setting the Group’s strategy for achieving long-term success as a high priority. The Group’s website is regularly updated with all press releases, future financial calendar dates, AGM and EGM results and investor presentations.
The results of the proxy votes received in relation to the 2021 AGM are available on the Company’s website. All resolutions were passed at the 2021 AGM and no resolution had a significant proportion (>20%) of votes cast against them at that meeting.
The Board maintains a healthy dialogue with all of its stakeholders. Throughout the course of the year the Board communicates with shareholders directly on any views, concerns and expectations they may wish to express.
Membership
Chairman
Secretary
Quorum
Frequency of meetings
Attendance at meetings
Notice of meetings
Voting
Minutes of meetings
Annual General Meeting
Duties
The Audit Committee shall be responsible for:
Reporting responsibilities
Other
The Audit Committee shall:
Authority
The Audit Committee is authorised by the Board to investigate any activity within its terms of reference. It is authorised to seek any information it reasonably requires from any employee of the Company in order to perform its duties pursuant to these terms of reference and all employees are directed to co-operate with any reasonable request made by the Audit Committee. The Audit Committee has the right to publish in the Company’s annual report details of any issues that cannot be resolved between the Audit Committee and the board.
Membership
Chairman
Secretary
Quorum
Frequency of meetings
Attendance at meetings
Notice of meetings
Voting
Minutes of meetings
Annual general meeting
Duties
For the purposes of these terms of reference « Executive Management » means all executive directors and the Chairman;
The Remuneration Committee shall be responsible for:
Reporting responsibilities
Other
Authority
The Remuneration Committee is authorised by the Board to investigate any activity within its terms of reference. It is authorised to seek any information it reasonably requires from any employee of the Company in order to perform its duties pursuant to these terms of reference and all employees are directed to co-operate with any reasonable request made by the Remuneration Committee.
General Principles and Membership
Chairman
Secretary
Quorum
Frequency of meetings
The Nomination Committee shall meet at least once a year and at such other times as the Chairman or any other member of the Nomination Committee shall require.
Attendance at meetings
Notice of meetings
Voting
Minutes of meetings
Annual general meeting
Duties
Reporting responsibilities
Other
In the event that the Nomination Committee or any member of the Nomination Committee requires access to independent professional advice in connection with its/his/her duties, a request may be made to Chief Executive Officer. All such requests shall be processed in accordance with any pre-defined procedures for seeking independent professional advice at the Company’s expense.