Corporate Governance
Relations with shareholders
Relations with shareholders are managed mainly by the Chief Executive, the Finance Director and the Director of Investor Relations. Meetings are held regularly throughout the year with institutional investors, fund managers and analysts to discuss the public disclosures and announcements of the Company and its businesses.
The Chairman also writes to major shareholders following the announcement of results to offer them the chance to meet him, the Senior Independent Director or any of the Non-executive Directors. He also specifically invites major shareholders to meet newly appointed Non-executive Directors. This enables major shareholders to take up with these individuals any issue they feel unable to raise with the Chief Executive and Finance Director.
The Board receives feedback at least annually from the Company's brokers, supported by the Director of Investor Relations, on shareholders' views. Notes from a number of analysts in the energy sector are circulated regularly to Directors. This ensures the whole Board, including the Non-executive Directors, is kept up to date with shareholder and analyst views. Additionally, in July 2006, the Chief Executive and Investor Relations department held a meeting with the UK Shareholders' Association enabling them to gain an insight into the views of the Company's retail shareholders.
The main form of communication with shareholders is via the Annual Review. We also run a shareholder networking programme, inviting shareholders to visit operational sites and meet Directors and staff, further details of which can be found in Shareholder information.
The AGM is also attended by shareholders, at which they are given the opportunity to question the Board on the Company and its performance. In line with best practice, for the past two years, the Chairman has called a poll on all votes at the AGM to allow all shareholders, whether present in person or by proxy, to vote on all resolutions in proportion with their holding in National Grid. The Chairman will once again call a poll on all votes at the 2007 AGM.