WE UNDERTOOK AN
GVC successfully undertook an extensive
corporate governance journey in 2016.
We started the year as an AIM-listed company,
before obtaining a Standard Listing on the London
Stock Exchange's Main Market on 2 February in
conjunction with the completion of the acquisition
of bwin.party. The Company then went through
the process of transferring to a Premium Listing.
This required a significant amount of work upgrading
the Company's corporate governance processes
and procedures. GVC successfully transferred to a
Premium Listing on 1 August.
During 2016 GVC appointed three new Non-executive
Directors to the Board. Stephen Morana, who also took
on the role of Chairman of the Audit Committee, is
widely recognised for his accounting and e-commerce
expertise, particularly as a specialist in the online
gaming sector having spent ten years as part of the
management team at Betfair plc, serving as Chief
Financial Officer and also interim CEO in 2012.
Peter Isola is an expert in gaming law and regulation
with experience advising numerous e-commerce
clients. Norbert Teufelberger was the former CEO
of bwin and bwin.party and has nearly 20 years of
experience in online gaming operations.
Both Stephen and Peter are regarded by the Board
as independent, thereby ensuring that, excluding
the Chairman, and in accordance with the UK
Corporate Governance Code's recommendation,
the Non-independent Directors are not in a majority.
In 2017, we have appointed two further directors.
Paul Miles was appointed Chief Financial Officer on
28 February following Richard Cooper's departure
from that role after nine years. In addition, as disclosed
previously, the Board has been searching for a
Senior Independent Director to enhance the Board's
knowledge and decision-making process and to
comply with the UK Corporate Governance Code's
recommendation. I am pleased to inform shareholders
that the Board has today announced the appointment
of Will Whitehorn as the Senior Independent Director.
Will is a highly experienced business professional
and is a significant appointment to the Group. He is
Deputy Chairman and Senior Independent Director
of Stagecoach Group plc and is an Independent
Non-executive Director of Purplebricks plc. The search
process for this role is set out in the Nominations
Committee's Report on pages 44 and 45.
Following today's Senior Independent Director
appointment, the Company is now in compliance
with all but one of the recommendations of the UK
Corporate Governance Code, the remaining exception
relating to certain contractual termination terms for
myself and the CEO which pre-date the Company
becoming Premium Listed (please see page 42).
Chairman of the Board
23 March 2017