The Board of The British Standards Institution is committed to the highest standards of corporate governance which it considers fundamental to the business's success.
The British Standards Institution is a Royal Charter Company and is governed by its Royal Charter and Bye-laws. As it has no share capital, BSI is what is termed a "non-profit distributing company” because profits are re-invested back into the business.
As a Royal Charter Company, BSI is not, therefore, subject to the oversight by investors as is found in joint-stock companies. We, nevertheless, apply the principles of the FRC's UK Corporate Governance Code where applicable and have established internal governance procedures that reflect best practice.
BSI's focus on governance begins with the Board, which has a majority of non-executive directors, and is able to draw on the experience of individuals of recognised stature from many areas of business. The Board is supported by formal Audit, Remuneration and Nominations Committees, on which the Non-executive Directors are the primary participants, as well as by the Standards Policy and Strategy Committee and the Social Responsibility Committee.
Underpinning the frameworks of internal control and financial management, and their related monitoring and compliance systems is the BSI Code of Business Ethics, which sets the ethical values and high standards of integrity that we insist on being upheld in every aspect of the our business practices.
The Annual Report of The British Standards Institution sets out in detail the governance framework of the company.