We apply all the main and supporting principles of good corporate governance in the UK Corporate Governance Code (formerly the Combined Code) and related guidance published in May 2010 by the Financial Reporting Council. The latest version of the Code applies to accounting periods beginning on or after 29 June 2010. The Board believes that, were these standards to be applied with respect to the current arrangements, it would comply with the latest standards.
As a foreign issuer with American Depositary Shares listed on the New York Stock Exchange (NYSE), we must also disclose any significant ways in which our corporate governance practices differ from those followed by US companies under the NYSE’s corporate governance listing standards.
Detailed information concerning our performance in regard to corporate governance, during 2010, can be found in the corporate governance section of our Annual Report 2010.
Information on our corporate governance performance in preceding years can be found in our Annual Reports.
The Board
We have a highly experienced Board and Senior Executive Team. The Board is responsible for the Group's corporate governance, sets the Group's strategy and policies, has overall responsibility for the oversight of risk and also monitors progress towards meeting its strategic objectives and annual plans. The Board discharges these responsibilities through a programme of meetings that includes a formal, annual strategy review. The Board also assesses whether or not, and to what extent, its obligations to the Company's shareholders and other stakeholders are understood and met. This includes regular reviews of the Group's financial performance and critical business issues.
More information on the principle roles and responsibilities of our board can be found in the corporate governance section of our Annual Report 2010.
Auditors
AstraZeneca’s independent external auditor is elected each year by the shareholders at the Annual General Meeting.
At present our auditors are KPMG Audit Plc.
KPMG Audit Plc
8 Salisbury Square
London
EC4Y 8BB
Directors’ report
A detailed report regarding the work carried out by the Directors in the preceding financial year can be found in AstraZeneca’s Annual Report and Form 20-F 2010.
Articles of Association
Share option plans for employees