National Grid is subject to the Combined Code on Corporate Governance. The Combined Code sets out principles and provisions relating to the good governance of companies. The aim is to provide guidance on how companies should be directed and controlled.

The Company complied fully with the provisions set out in Section 1 of the Combined Code throughout the year. The following statements explain how the Company has applied the principles set out in Section 1 of the Combined Code.

Key documents associated with Corporate Governance are available in this section.

• Memorandum & Articles of Association
• Matters Reserved to the Board 
• Board Commitees - Terms of Reference
• Code of Ethics for Senior Finance Professionals
• Management Philosophy
• Our Policies
• Public Position Statements
• Other Governance Documents

National Grid's corporate governance practices substantially conform to those required of US companies listed on the NYSE. The principal differences between the Company’s governance practices pursuant to the Combined Code and UK best practice and the Section 303A Corporate Governance Rules of the NYSE are:

• different tests of independence for Board members are applied under the Combined Code and Section 303A;
• there is no requirement for a separate corporate governance committee in the UK; all Directors on the Board discuss and decide upon governance issues and the Nominations Committee makes recommendations to the Board with regard to certain of the responsibilities of a corporate governance committee; and
• while the Company reports compliance with the Combined Code in each Annual Report and Accounts, there is no requirement to adopt and disclose separate corporate governance guidelines.