The Audit and Risk Committee maintains oversight of the Group’s financial and narrative reporting, assesses the effectiveness of our internal control and risk management systems, monitors the independence of internal and external audits and manages the relationship with the external auditor.
Our governance framework enables informed decision-making, effective oversight and clear accountability.
Certain key matters requiring Board approval are set out in a formal schedule of matters reserved, which the Board reviews periodically. The Board also delegates specific matters to the appropriate Board Committee as set out further below.
The Board believes that good governance supports Dunelm’s purpose, shared values and strategy, and is satisfied that these elements and Dunelm’s culture are aligned.
Group Board
The Board as a whole is responsible for the overall direction, performance and long-term success of the Group.
It is responsible for setting and role modelling our purpose and shared values. It provides effective challenge to management on the execution of the strategy and is responsible for ensuring that the Group maintains effective risk management and internal control systems.
The Board is supported by three Committees to which it has delegated certain matters in order to ensure that they receive the appropriate level of consideration. These Committees support the Board in discharging its duties. Each of the Committees operates under terms of reference approved by the Board, which are reviewed annually.
Executive Team
The Board delegates responsibility for the day-to-day operational management of the Company to the CEO.
The CEO is supported by a team of executives each of whom head a key function area of the Group and form the Executive Team, which operates under the CEO’s direction and leadership.
The Executive Team is supported by three executive-led committees described below, which provide updates to the Board, Audit and Risk Committee, Remuneration Committee and Executive Team as appropriate.
Chaired by the CFO, the Risk and Resilience Committee oversees and reviews our principal and operational risks, tracks key risk indicators, receives updates on key compliance areas such as data protection, regulated credit, ethical sourcing, store security and business conduct and monitors trends.
Chaired by the CEO, the Good and Circular Steering Group oversees initiatives focused on achieving our Good and Circular goals, tracks progress against targets and reviews new proposals such as new circular business models and further improvements to data collection and monitoring.
Chaired by the Stores and People Director, the Talent Committee oversees and develops succession planning at all levels of the business and monitors progress against our ‘Know-Grow-Flow’ talent management initiative.