Peachtree 2012 Annual Report Download - page 61
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Internal audit
The Group has an in-house internal audit team supplemented under
co-source agreements with third-party providers to review compliance
with procedures and assess the integrity of the control environment. Internal
audit acts as a service to the businesses by assisting with the continuous
improvement of controls and procedures. Actions are agreed in response
to its recommendations and these are followed up by the Audit Committee
to ensure that satisfactory control is maintained.
Budgetary process
A comprehensive budgeting system is in place, with annual budgets for
all operating subsidiaries being approved by respective subsidiary boards.
Subsequently the combined budget is subject to consideration and approval
by the Board. Management information systems provide the directors with
relevant and timely information required to monitor nancial performance.
Investment appraisal (including acquisitions)
Budgetary approval and dened authorisation levels regulate capital
expenditure. As part of the budgetary process the Board considers proposals
for research and development programmes. Acquisition activity is subject to
internal guidelines governing investment appraisal criteria, nancial targets,
negotiation, execution and post-acquisition management.
Relations with shareholders
Communication with shareholders is given high priority. A full Annual Report
& Accounts is sent to all shareholders who wish to receive one. The Company
also has a website (www.sage.com) which contains up-to-date information
on Group activities, published nancial results and the Annual Report and
Accounts. There is regular dialogue with individual institutional shareholders
and there are presentations to analysts after the Company’s announcement of
the year end and half-year results. At each Board meeting, the Board receives
an update on presentations to investors and any communication from
shareholders to ensure that directors, both executive and non-executive, have
an understanding of their views. The Board uses the Annual General Meeting
to communicate with private and institutional investors and welcomes
theirparticipation.
Information included in the Directors’ report
Certain information that fulls the requirements of the Corporate Governance
Statement can be found in the Directors’ report in the sections headed
“Substantial shareholdings”, “Deadlines for voting rights”, “Repurchase
of Shares”, “Amendment of the Company’s articles of association”,
“Appointment and replacement of directors” and “Powers of the directors”
and are incorporated into this corporate governance section by reference.
By order of the Board
M J Robinson, Secretary
5 December 2012
Overview
Performance
GovernanceFinancial statements
59
The Sage Group plc | Annual Report & Accounts 2012