41061 Unite AR22 HI-RES WEB-READY - Flipbook - Page 115
STRATEGIC REPORT
GOVERNANCE
FINANCIAL STATEMENTS
OTHER INFORMATION
STRATEGIC OBJECTIVE
A RESPONSIBLE AND
RESILIENT BUSINESS continued
BOARD’S GOVERNANCE ROLE
Higher Education
Government Policy:
Continued focus on potential
Higher Education Government
Policy changes.
Covenants’ compliance:
Group Board oversight of
our Covenants’ compliance.
LINK TO PRINCIPAL RISK
WHAT THE BOARD DID IN 2022 AND ITS DECISION-MAKING
Market risk
Supply and demand
Ongoing Board monitoring of Higher Education Government
Policy and its impact for PBSA and universities more widely.
Read more on page 82
Financing risk
Read more on page 86
The Board monitors Covenants’ compliance across a range of
income/stress scenarios to ensure that if any risks emerge, the
Board is ready to identify further action and work with lenders
well in advance.
Covenant compliance also has oversight in the Audit & Risk
Committee and by the external audit review of our Covenant
compliance through the Going Concern process.
Read more about Financial review on pages 32–45
Capital structure: Group
Board focus on a strong and
flexible capital structure,
which can adapt to market
conditions, and reducing
and diversifying the cost
of funding.
Leadership development
and succession planning/
talent pipeline.
Financing risk
Board oversight of our capital structure, including the £450
million sustainability-linked unsecured revolving credit facility.
Read more on page 86
Read more about Financial review on pages 32–45
Market risk
Supply and demand
The Nomination Committee focuses on Board succession and
diversity as well as our broader talent pipeline and leadership
development.
Read more on page 82
Read more about succession planning/talent pipeline on pages 115–118
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