Shaping the future - a review of performance for 2021

Our governance and oversight Our Board is fully committed to ethical business practices, and we are determined to not only meet our responsibilities to our stakeholders but also to seek and achieve ongoing improvements in the governance standards that we apply globally across the business. As a private company we are not required to comply with the UK Corporate Governance Code 2018 (Code), but we have developed our own Corporate Governance Model (CGM). The CGM provides a high level of corporate governance, applying the principles of the Code. Its purpose is to assist our Board and committees in exercising their responsibilities and serving the best interests of the group, its people, and customers. In the sections that follow, we describe our key areas of governance and explain how and why we implement them. Our ownership structure BMT Group Ltd is the parent company of the group of companies whose ownership is held by the BMT Employee Benefit Trust (EBT). The parent company is a private company limited by guarantee with no share capital. Voting control and legal ownership rests with the EBT Trustees and beneficial ownership rests with current and former employees. We maintain a strong governance framework that supports effective strategic and operational decision making and risk management for a successful and sustainable business. 37