We ﬁrmly believe that good corporate governance is essential to enable us to deliver our purpose for all of our stakeholders and remains a top priority for the Board.
The Company is committed to the principles of the UK Corporate Governance Code published by the Financial Reporting Council (FRC), which sets out standards of good practice for listed companies such as Taylor Wimpey.
Irene Dorner, Chairman
At the heart of good governance is culture
Welcome to the governance section of Taylor Wimpey's website. Here you can find out about the detailed policies that help us to ensure the effective governance of our Company.
The way in which we run our business is of paramount importance to us and is what enables Taylor Wimpey to successfully deliver on our purpose to create great homes and thriving communities.
At the heart of good governance is culture. Our values and principles ensure Taylor Wimpey has a strong culture of doing the right thing. The Board builds on this ethos and ensures we have effective systems and processes in place to actively manage risks arising from both our operations and the wider macro economic environment, and we strive for continuous improvement in our business practices.
Along with environmental and social considerations as part of a wider ESG agenda (see our sustainability section), effective governance is a key part of ensuring that Taylor Wimpey remains a sustainable business. This means ensuring that risks are identified, prioritised, and managed, that the processes and systems are in place with appropriately qualified people and resources assigned throughout the business.
You can read more about our governance using the links below.
Nomination and Governance Committee
Matters Reserved for the Board
Division of Responsibilities
Articles of Association
Statement of Directors’ Duties under Section 172 of the Companies Act 2006
Section 172 Directors’ Duties
The Directors continue to have regard to the interests of the Company’s wider stakeholders, in accordance with s172 of the Companies Act. The content on stakeholder engagement on pages 26 to 41 and 72 to 75 highlight key actions in this area. Further details on how the Directors’ duties are discharged and the oversight of these duties are included in the Governance section on pages 60 to 79. [All page references refer to the Taylor Wimpey plc Annual Report and Accounts 2020]
Approach to taxation
Our business activities in the UK and Spain incur a variety of business taxes. We pay corporate income taxes, land purchase taxes, employment and many other business taxes. In addition, we collect and pay employee and sub-contractor taxes and indirect taxes such as Value Added Tax (VAT). Our tax strategy, at its most succinct, is to support the Group to deliver its strategic objectives by organising its tax affairs in a legally compliant, responsible and efficient manner.