Vodafone 1998 Annual Report Download - page 26

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Annual Report and Accounts 1998 - Directors Information - Report of the Directors
REPORT OF THE DIRECTORS
The directors submit their annual report and audited financial statements for the year ended 31 March 1998.
Review of the Group's business
The Company and its subsidiary and associated undertakings are involved principally in mobile telecommunications services.
A review of the development of the business of the Company and its subsidiary and associated undertakings is contained in
the Chairman's statement and the Review of Operations and Financial Review.
Future developments
The Group is currently involved in the expansion and development of the cellular telecommunications and related businesses
as described in the Chairman's statement and the Review of Operations and Financial Review.
Corporate governance
Compliance
The directors are committed to business integrity and professionalism. As an essential part of this commitment the Board
supports high standards of corporate governance and confirms that the Group complies with the Code of Best Practice
published by the Cadbury Committee on the Financial Aspects of Corporate Governance in December 1992 as required by
the Listing Rules of the London Stock Exchange. The Board has also reviewed and considered the Report of the Committee
on Corporate Governance issued in January 1998 and although the requirements on companies of many of its
recommendations are the subject of a consultation document recently issued by the London Stock Exchange the principles of
corporate governance set out in the Report are applied by the directors in their leadership and control of the Company.
Please see the Review report by the auditors on corporate governance.
Board committees
The Board of the Company comprises five executive and five non-executive directors who are responsible for setting
strategy, approving budgets and monitoring executive management. There are three principal committees of the Board and
the membership of the committees is set out below.
Responsibility for financial controls
The Board of directors has overall responsibility for the Group's system of internal financial control. Although no system of
internal financial control can provide absolute assurance against material misstatement or loss, the Group's systems have
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