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Statement on corporate governance
The board remains committed to maintaining high standards of corporate governance throughout the group, which it believes are vital to its business integrity and successful long-term performance. The board recognises that corporate governance is not an end in itself but an important means to an end.
The Listing Rules of the Financial Services Authority require UK listed companies to report on the manner in which they apply the Combined Code on Corporate Governance (the ‘Combined Code’). The board recognises that the Combined Code represents best practice and this report, together with the Remuneration report, sets out how the Company applies the principles of this Combined Code which deal with directors, directors’ remuneration, relations with, and accountability to, shareholders, and the audit of the Company.
The board believes that any system which is adopted must also reflect necessary standards of governance for Associated British Foods plc and its corporate social responsibilities and believes that the systems in place meet those requirements.