GOVERNANCE STATEMENT The LBN Board is committed to fulfilling its corporate governance obligations and responsibilities in the best interests of the Company, its Members and stakeholders. Roles and responsibilities of the Board and management The role of the Board is to approve the strategic direction of the Company, guide and monitor the management of LBN in achieving its strategic plans and oversee good governance practice. The Board aims to protect and enhance the interests of its Members, while taking into account the interests of other stakeholders, including its employees. The Board has a charter which clearly sets out its role and responsibilities and describes those matters expressly reserved for the Board’s determination and those matters delegated to management. The LBN Chief Executive Officer (or its equivalent) has responsibility for the day-to-day management of LBN, and is supported in this function by the staff. Structure and composition of the Board LBN is committed to ensuring that the composition of the Board continues to include directors who bring an appropriate mix of skills, experience, expertise and diversity (including gender diversity) to Board decisionmaking whilst representing the needs of the Members. The Board currently comprises five directors (four directors and one independent Chair), which is in line with the Company’s constitution. The Chairman is independent of the Members and is elected following the process set out in the Company’s constitution. The responsibilities of the Chairman are set out in the Board Charter as are the responsibilities of the directors. LBN STRATEGIC PLAN 2017-2022 19

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