The Board

The Board has a formal schedule of matters reserved to it and meets regularly. It is responsible for overall strategy, approval of major capital expenditure projects, and consideration of significant financing matters.

It monitors exposure to key business risks and reviews strategic direction, codes of conduct, annual budgets, progress towards achievement of those budgets, and capital expenditure programmes.The Board also considers environmental and employee issues and key appointments. It also ensures that all directors receive appropriate training on appointment and then subsequently as appropriate. A budget is established for this purpose.

All directors, in accordance with the Code, will submit themselves for re-election at least once every three years.

The Chairman is mainly responsible for the running of the Board and ensures that all directors receive sufficient relevant information on financial, business and corporate issues prior to meetings.

The Chief Executive’s responsibilities focus on co-ordinating the Company’s business and implementing strategy.

All of the directors are responsible for:

• Keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the requirements of the Companies Act 1985.

• Safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

• The Company’s system of internal control and for reviewing the system’s effectiveness. Such a system is designed to manage, rather than eliminate, the risk of failure to achieve business objectives and can provide only reasonable but not absolute assurance against material misstatement or loss.

• Preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Committees

The Board considers it is a small Board and therefore is not required to establish a Nominations Committee. Consideration of any new appointment to the Board is dealt with by the Board as a whole.

An Audit Committee has been established comprising solely of the non-executive director.

A Remuneration Committee has been established comprising of the Chairman and the Chief Executive.

Carolyn Simons (Non-executive Chairman)

Carolyn was appointed Non Executive Chairman of the Board on 2 November 2005. She is Commercial Director of Homebase, a division of Argos Retail Group (GUS plc). Prior to this she served 6 years at Homestyle Group plc, being appointed to the plc board as Managing Director of the Group after 2 years' service. She also served 11 years as a board director of Management Horizons Europe, a specilaist retailing consulting firm, and earlier with Boots plc in both commercial and marketing management roles.

Carolyn has a BA Honours degree, gained at the University of Exeter, and a Post Graduate Diploma in Marketing. In 2001 she was a Veuve Clicquot Businesswoman of the Year finalist

Stephen James Thwaite (Chief Executive)

Stephen joined Tootal in 1985 as a Director of the Slimma Group, North West Division, which was dedicated to the supply of Marks and Spencer clothing.

He was moved to the Slimma business in 1987 to develop and implement a recovery plan, then led the MBO from Tootal/Coats Viyella in 1991, becoming Chairman and Chief Executive of the new Company.
Whilst at Tootal, he was selected as one of the 'top 50' for Executive Development and attended courses by Cranfield College, London BS Economics and, more latterly, the Monitor Group, the international consultancy arm of Harvard Business School, USA, for strategic studies.
Prior to joining Tootal he spent most of his working career as a Management Consultant, eventually becoming Managing Director of an international consultancy group's division covering the UK, Europe, and North America and a client base which covered most of the leading textile companies in the UK.

Christopher Graham Heath (Director)

Chris joined Slimma plc in 1987 in the position of Fabric Technologist having obtained several qualifications in this field and following previous experience in the Textiles industry. Following a move into sales, he was later appointed Sales Director for the Mail Order and Tailoring Divisions and was responsible for the opening and development of European Mail Order accounts. He was appointed Managing Director of the Mail Order and Tailoring Divisions in 1998 and was appointed to the Board on 6 May 2001.