BOARD / BOARD STRUCTURE
The board is responsible for the overall management and strategy of the Group. The board meets at least four times a year and additionally as issues arise which require board attention. There is a formally adopted schedule of powers which are reserved to the board, in addition to those formal matters required by the Companies Act 2006 to be set before the board. The board has full and timely access to all relevant information to enable it to discharge its duties effectively.
The current Articles of Association were adopted by special resolution passed on 16 October 2001 and became effective on 4 December 2001.
Audit, Operating and Remuneration Committees have been established with formally delegated duties and responsibilities. Formal terms of reference for all three Committees have been adopted by the board and are reviewed on a regular basis. Both the Remuneration and Audit Committees comprise non executive directors only.
The Audit Committee generally meets at least four times a year at appropriate times in the reporting and audit cycle of the Company and is responsible for ensuring that the financial performance of the Group is properly monitored and reported on. The Committee consists of 3 non-executive directors and is chaired by Sam Levinson. Meetings are attended by appropriate members of senior management and the Company’s external auditors have direct access to the chairman of the Committee.
Powers not reserved to the board are delegated to the Operating Committee which is chaired by Sir George Iacobescu. The Committee meets on an ad hoc basis and consists of the 2 executive directors and 3 non executive directors.
The Remuneration Committee consists of non-executive directors and meets on an ad hoc basis. This committee is responsible for reviewing the performance of the executive directors and management team, settling their remuneration packages and agreeing compensation packages for the Group.
TERMS OF REFERENCE
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Board Process Memorandum for Managing Conflicts
1. This board memorandum aims to set out the process by which the board of directors of the Company (the “Board”) will manage any conflicts of interest that arise in respect of any of its members.
2. The preauthorisation resolutions authorise certain situations of conflict. The Board still needs a process in place to deal with circumstances where these conflicts occur so that the interests of the Company remain safeguarded.
3. A director who finds himself either:
A. in a position where he has a direct or indirect interest that conflicts with the Company’s interests; or
B. in a position where it is probable (i.e. in the director’s view, more likely than not) that a conflict will arise between his interests (both corporate or personal) and the Company’s interests,
must disclose as soon as reasonably practicable (but in any event within one business day of becoming aware of the matter) to the Company Secretary the fact that there is a conflict of interest or that it is probable that such a conflict will arise. Such disclosure must be made regardless of whether the conflict is something that falls within the preauthorisation resolutions or otherwise. Upon such disclosure, the Company Secretary will record the conflict, the date of disclosure and the conflicted matter.
4. If a disclosed conflict comes to an end, the director should inform the Company Secretary of that fact immediately.
5. A director is only required to disclose the fact that an actual conflict or a probable conflict has arisen by disclosing to the Company Secretary the matter in relation to which his conflict of interest arises. It is not necessary for a director to disclose the precise details of the conflict although he may do so if he believes that it is appropriate (bearing in mind any duty of confidentiality that he may owe a third party).
6. If a director chooses not to disclose the details of a conflict then the Board will exclude that director from discussions and receipt of papers in respect of the conflicted matter.
7. On the other hand, if a director chooses to disclose sufficient details of a conflict to enable the Board to make an informed decision, the Board will then decide on an appropriate way to take the matter forward. In cases where the precise details of the conflict has been disclosed, it is up to the Company Secretary (having sought professional advice where necessary) to advise the Board whether a particular conflict falls within the pre-authorisation resolutions or otherwise. Depending on the nature of the conflict and the particular facts of each case, the Board’s response may range from allowing the director to continue participating in board discussions concerning the conflicted matter (if the non conflicted directors decide that doing so would promote the success of the Company) to excluding that director from Board discussions and from receiving Board papers on the conflicted matter entirely.
8. The directors should note that the passing of the pre-authorisation resolutions and/or any Board decision to allow a director to continue participating in Board discussions concerning a conflicted matter does not of itself release a director from complying with the other directors’ duties imposed by law. In particular, the duty to promote the success of the Company will need to be observed at all times regardless of the existence of a preauthorisation resolution or otherwise.
9. A director must notify the Board, immediately via the Company Secretary, if conflicts of interest arise that are different from those conflicts that are authorised by the preauthorisation resolutions (examples of possible events giving rise to conflicts are set out in the Appendix).
10. The directors should, so far as practicable, use all reasonable endeavours to ensure that with regards to the other directorships that they may hold, they are subject to a “conflicts of interest” regime that is consistent with the Company’s. For example, in relation to confidential information, a director should not be required to disclose any confidential information of the Company to any other company of which he is also a director.
11. The Board will conduct an annual review of the conflicts disclosed to the Board during the preceding 12 months in order to identify any necessary changes to these procedures in the light of the conflicts disclosed.
Members of the Board
Sir George Iacobescu CBE
Chairman and Chief Executive Officer having day to day authority over the operations of the Group with a guiding role in the development and implementation of strategy. A member of the board of trustees of the British Museum. He was appointed Commander of the British Empire in 2003 and was named a Knight Bachelor for services to charity, community and the financial services industry in the New Year’s Honours List 2012. #
A Peter Anderson II
Managing Director, Finance with responsibility for the Group’s capital raising activities, accounting, strategic planning and analysis, taxation and information technology. He is also non executive director of Transport for London and chairman of Transport for London’s Finance and Policy Committee. #
Employed by Qatar Investment Authority since 2011, currently holds the position of director, office of the CEO. A board member of Katara Hospitality, which owns and manages hotels throughout the world, and of FRHI Holdings Limited, the main holding company of the “Fairmont Raffles” hotel management group.
Director of China Investment Corporation
Olivier de Poulpiquet
Co-chief executive officer and co-chief investment officer at Morgan Stanley Real Estate Investing.*
Advisor to the Glick entities and Managing Director of Levinson Capital Management LLC where he oversees investments for a private equity fund. A Director of Songbird Estates plc and all of its wholly owned subsidiaries, also serves as a member of the board of Coleman Cable Inc. * # +
Managing Director of the investment banking division of Rothschild and Global CoHead of Rothschild’s real estate advisory business. A Director of Songbird Estates plc. +
Managing Director and Head of European investing of Morgan Stanley Real Estate. Also a director of Songbird Estates plc and two of its wholly owned subsidiaries, Songbird Acquisition Limited and Songbird Finance Limited. * # +
* Audit Committee
# Operating Committee
Sir George Iacobescu CBE is a Civil and Industrial Engineer and the Chairman and Chief Executive Officer of Canary Wharf Group, the owners and developers of the Canary Wharf estate in London Docklands. He is one of the most successful Romanian born business leaders in the world, and has been responsible for the construction and development of many landmark buildings in the UK, Canada and the United States.
Sir George was born on 9 November 1945 in Romania. His grandfather was a lawyer and newspaper publisher, and his father was a well-known doctor haematologist. Sir George studied Civil and Industrial engineering at Bucharest University. From 1969 to 1975 he worked as a structural engineer in Romania but was determined to leave the country, then under the control of Nicolai Ceausescu’s Communist Party.
In 1975 Sir George left Romania and emigrated to Canada, escaping through the Iron Curtain by contacts in the West. His fiancée Gabriela joined him after Sir George lobbied hard to get her out of Romania.
On arrival in Canada, Sir George started work in the property industry, rising to become the head of construction on some of the most famous landmark buildings in North America.
Career in North America
From 1975-1978 Sir George was Construction Director of Homeco Investments, a German-Canadian Joint Venture in Montreal and Toronto, working on several large residential and office buildings.
In 1978 he joined Olympia & York, taking on a series of large construction projects for the company which was rapidly expanding from it’s Canadian base.
From 1978-1981 he was responsible for the construction of the Olympia Centre in Chicago, a 64 storey skyscraper, as well as the construction of Granicor; the first modern granite factory in North America, in Quebec.
From 1983 – 1987 he was the Construction Director, and then Vice President, of Olympia & York, in New York, where he was responsible for the construction of the World Financial Centre, 4m sq ft Headquarters of Merrill Lynch.
In 1988 Sir George came to London as a Senior Vice President of Olympia & York, to oversee the construction budget and delivery of the ambitious Canary Wharf project.
Sir George stayed with the Canary Wharf project when Olympia & York went into administration in 1991 and worked as Construction Director under the Chairmanship of Lord Levene. When the Canary Wharf Group was formed in 1995 he became a Board member and then in 1996, Deputy Chief Executive.
In 1997 he became the Chief Executive of Canary Wharf Group. He additionally became Chairman in 2011.
At Canary Wharf Sir George has participated in the development and construction of more than 15m sq ft in 35 buildings including: One Canada Square, the second tallest office building in the UK; 8 Canada Square the global HQ of HSBC Bank; 25 Canada Square the European HQ of Citibank; One Churchill Place the global HQ of Barclays Bank; 10 Upper Bank Street, the global HQ of Clifford Chance; and the UK or European HQ buildings for Credit Suisse, Morgan Stanley, KPMG, McGraw Hill, Fitch, the Financial Services Authority and Thomson Reuters.
Following this was the successful creation of the Wood Wharf Partnership with British Waterways and Ballymore to develop a 4.6m sq ft site adjacent to Canary Wharf. From 2007 onwards the Canary Wharf Group expanded outside of its Docklands base into the City of London and then the South Bank. This move into other areas of London included joint venture developments Drapers’ Gardens with Morgan Stanley’s MSREF and the Walkie Talkie building at 20 Fenchurch Street with Land Securities, and recently the redevelopment of the Shell Centre with Qatari Diar.
Sir George is a member of the Board of Trustees of the British Museum, Vice Patron of the Royal British Society of Sculptors and a Companion of the Chartered Management Institute. He is also Patron of Jewish Care and the Community Safety Trust and has been involved as a trustee, patron or board member of several other charities.
He was founding Co-Chairman of Teach First and a key early supporter of the charity, as well as a Director of business lobby group London First, and a Director of inward investment agency Gateway to London. He is on the Advisory Board of Financial Services organisation TheCityUK.
In 2010, Sir George was appointed by the Secretary of State for Defence to the Defence Reform Unit charged with the restructuring of the Ministry of Defence. The Unit made wide-ranging recommendations to the Government in 2011, many of which are already being implemented.
Sir George holds an Honorary Doctorate of Business Administration from the University of East London and was made a CBE by Her Majesty the Queen in 2003 and named in the New Years Honors List in 2012.
Since Sir George became Chief Executive in 1997, the Canary Wharf Group has extended it’s charitable activity with some considerable achievements. The creation of a Local Business Liaison Office to help local companies secure contracts at Canary Wharf has, over 14 years, placed more than £700m with local SMEs.
From a low starting point, the number of people employed on the Wharf from the surrounding boroughs has increased to around 25% of the total, with direct and indirect employment in east London supported by Canary Wharf estimated at more than 180,000 jobs. Initiatives to further promote local employment have been the creation of a joint venture Recruitment and Training Centre for the London Borough of Tower Hamlets, and a scheme working with local training providers and construction union UCATT to provide skills and IT training to construction workers.
Canary Wharf Group has provided rent-free office accommodation for a number of charities, such as Medicins du Monde and Teach First, enabling them to expand or develop new projects, and hosts a large number of events every year for the local community, as well as an active programme of sponsoring local schools, community groups and sports teams.
The Group has also implemented the creation of an extensive and expanding public art and events programme, including regular exhibitions and permanent installations of sculpture and art. This won Canary Wharf Group the prestigious Christies International Award for best Corporate Art Collection and Programme in 2011. The estate also hosts a large number of events, ranging from squash tournaments to open air orchestral concerts, many of which are free to attend.
This document sets out the policy of Canary Wharf Group plc and its group of companies (the “Group”) in relation to bribery and corruption (“the policy”). The Policy covers all staff employed by the Group (permanent, temporary and contractors) (“Staff”) within all areas and functions. It may be amended by the Group from time to time.Commitment to bribery and corruption prevention:
(i) The Group adopts a strict approach to maintaining high standards of finance, business principles and ethics. The Group recognises the damage that fraud, bribery and other corrupt practices (together “Corruption”) can cause, not only to the financial standing of the Group but also to its reputation which it sees as a valuable asset.
(ii) The Group does not tolerate Corruption. Compliance with the Policy is mandatory. Breaches will be regarded as a serious matter by the Group and dealt with under the disciplinary procedure. Serious cases may be treated as gross misconduct and lead to summary dismissal.
(iii) The Canary Wharf Group plc board of directors (the “Board”) and all management within the Group are committed to the prevention of Corruption and to maintaining a culture in which it is never acceptable at any level.
(iv) The Group, Board and management are prepared to forego contracts rather than to pay bribes.
(v) All directors and Staff are required to act in a manner which seeks to ensure that the objectives of the Policy are achieved.
(vi) Details of how to report suspected bribery are available in the Whistle-blowing policy. Reporting is actively encouraged. No employee will suffer demotion, penalty or other adverse consequences for reporting a concern in good faith relating to bribery or for refusing to pay bribes, even if such report or refusal may result in the Group losing business.
All Staff are required to act with honesty and integrity at all times and to safeguard Group resources for which they are responsible. Staff must not engage in any activities which involve bribery, whether active or passive.
The prevention, detection and reporting of Corruption is the responsibility of all Staff with any suspicions being reported in line with the Whistle-blowing policy.
The Policy applies to the Group which also seeks to apply it to associated companies and joint ventures; third party contractors and service providers.