b'Annual Report & Accounts 2022 Mercia Asset Management PLC 61Governance principles Compliant Explanation Further reading6.Ensure thatThe Board is satisfied that, between the Directors, it hasPages 52 and 53 ofbetween them an effective and appropriate balance of experience, skillsthis Annual Report the Directorsand capabilities. To ensure that the Directors maintainand the AIM Rule 26Governancehave theappropriate skills, they are provided with training whensection of the Groups necessary up-to- identified as appropriate by the Chair. Mercias Annualwebsitedate experience,Report includes a biography of each Board member. These skills andare also included within the Investor Relations section of capabilities its website, under Meet the Board. They list the current and past roles of each Board member and also describe the relevant business experience that each Director brings to the Board, plus their academic and professional qualifications. This Annual Report describes and explains where external advisers have been engaged (eg by the Board in January 2022). Internal advisory responsibilities, such as the role performed by the Company Secretary in advising and supporting the Board, are also described in this Annual Report.7.Evaluate BoardThe Board regularly considers and evaluates its ownPage 58 of this Annualperformance performance and that of its individual members. AnReport and the AIM based on clearexternally facilitated Board evaluation and effectivenessRule 26 section of the and relevantreview was undertaken during January 2022. The actionsGroups websiteobjectives,to be taken in response to the recommendations arising seekingfrom this review will be agreed and implemented during continuousthe summer of 2022.improvement8.Promote aThe Board believes that the promotion of a corporatePages 30 to 35 ofcorporate culture culture based on sound ethical values and behavioursthis Annual Report that is based onis essential to creating a workplace environment thatand the AIM Rule 26 ethical valuesallows people to flourish and that this will contribute tosection of the Groups and behaviours enhancing shareholder value. Within this Annual Report,websitethe Chairs statement includes specific reference to people and culture. The Responsible business section of the Strategic Report includes a section on business ethics and further details on how Mercias culture is consistent with the Groups objectives, strategy, business model and approach to risk management. The Remuneration Report refers to the Executive Directors KPIsthose for 2021/22 and 2022/23 include Mercias cultural values.9.MaintainThe Board is collectively responsible for the long-termPages 57 to 59 ofgovernance success of Mercia. It has a schedule of matters reservedthis Annual Report structuresfor its approval which covers key areas of managementand the AIM Rule 26 and processesand governance of the Group. This Annual Report detailssection of the Groups that are fit forthe composition and terms of reference of the Boardwebsitepurpose andand its Committees. These are also included within the support goodInvestor Relations section of Mercias website.decision-making by the BoardBuild trust 10.CommunicateMercias Annual Report includes disclosure of BoardPage 3 and pages 57how the Company Committees, their composition and where relevant, anyto 59 of this Annual is governed andwork undertaken during the year. It includes a detailedReport and the AIM is performingRemuneration Report. Mercias website includes allRule 26 section of the by maintaininghistoric Annual Reports, results announcements, resultsGroups websitea dialogue withpresentations, and other governance-related material, shareholders andincluding notices of all AGMs. These can be found in the other relevantInvestor Relations section, under Regulatory News. This stakeholders section of the website also includes the results of all AGMs.'