The Group is committed to maintaining high standards of corporate governance, and uses the Wates Principles as a guide to best practice for large private companies.
We aim to comply with the Principles wherever it is sensible and proportionate for us to do so, having regard to our ownership structure and the fact that Manchester City Council and IFM Global Infrastructure Fund, as shareholders, make appointments to the Board.
MAG's non-executive directors bring extensive knowledge, skills and experience, from both the private and public sectors, to bear on the affairs of the Group. The non-executive directors who are not appointed by the shareholders exercise independent, objective judgement at meetings of the Board and Board committees. Together with the shareholder-appointed non-executive directors, they help develop and constructively challenge proposals on strategy, and scrutinise the performance of management in meeting agreed goals and objectives.
The Board meets formally at least six times per year, and also on additional occasions to consider specific business matters. Arrangements are in place for the Chairman to meet with the non-executive directors without the executive directors present, with such meetings being held as and when required.
Corporate Structure
MAG is a holding company which is owned by the ten metropolitan borough councils of Greater Manchester, in North West England, and Australian investors IFM Global Infrastructure Fund.
MAG is privately managed on behalf of its shareholders. The breakdown is as follows:
35.5% - IFM Global Infrastructure Fund
35.5% - Manchester City Council
29% - The other nine Greater Manchester Councils, which are:
The Borough Council of Bolton
The Borough Council of Bury
The Oldham Borough Council
The Rochdale Borough Council
The Council of the City of Salford
The Metropolitan Borough Council of Stockport
The Tameside Metropolitan Borough Council
The Trafford Borough Council
The Wigan Borough Council