“The Board remains committed to maintaining high standards of corporate governance.”
The measures that were put in place to enable front line employees to operate safely in our 2020 financial year have remained; this has allowed all manufacturing sites, logistic sites and laboratories to remain open and continue to function effectively. All employees who can work from home have done so successfully. Our employees are now slowly returning, where it is safe to do so, to our offices initially on a cohort basis and to meeting our customers in their practices.
The continuity of product supply and support for our customers has remained a key priority for Dechra during the pandemic. We invested significant resources to maintain an adequate supply of raw materials and finished goods to meet the needs of our customers. In addition, we expanded our webinar programme in our Academy and provided CPD events and conferences virtually.
The current financial year has been busy for Dechra operationally and we have approved important investments in both manufacturing and logistics. We have secured the rights to market Tri-Solfen® in Australia and New Zealand and we have acquired a further 1.5% of the issued share capital of Medical Ethics Pty Ltd. As a result, Dechra now has the rights to sell Tri-Solfen®, an important pain management product, in all markets globally as the product becomes approved.
The UK Corporate Governance Code 2018 (the Code) establishes the principles of good governance for companies; this Governance section of the 2021 Annual Report describes how the Company has applied these principles and complied with the provisions, as well as how it meets other relevant requirements, such as the provisions of the Listing Rules and Disclosure and Transparency Rules (DTR) of the Financial Conduct Authority.
In the opinion of the Directors, the Company has complied with the Code throughout the period, with the exception of provision 38 of the Code. In respect of this provision, the steps intended to be taken to ensure more effective alignment of Executive Director’s pension contributions to those available to the workforce are set out on here. From 1 July 2021, two of our Executive Directors’ pension contributions will be at 8%, and the Chief Financial Officer’s pension contribution will be at 6% matching the minimum offered to our UK workforce. The Chief Financial Officer and UK workforce pension contributions will increase to 8% on 1 July 2022.
The Board remains committed to maintaining high standards of corporate governance. The Code can be found at www.frc.org.uk.
The Annual General Meeting will be held in Northwich on 21 October 2021. All members of the Board are scheduled to attend the Annual General Meeting (the Meeting) and the Chairmen of the Audit, Remuneration and Nomination Committees will be available to answer shareholders’ questions at the Meeting.
Finally, should you have any questions in relation to this report, please feel free to contact me or the Company Secretary.
6 September 2021