Statement of compliance with the UK Corporate Governance Code

The Board of Directors are committed to high standards of corporate governance, and are accountable to shareholders for the Group’s performance in this area. This statement describes how the Group is applying the relevant principles of governance, as set out in the UK Corporate Governance Code (‘the Code’) which is available on the website of the Financial Reporting Council (‘FRC’).

The Company is a smaller company for the purposes of the Code and in consequence certain provisions of the Code either do not apply to the Company or may be judged to be disproportionate or less relevant in its case.

The Board considers that throughout 2018, Avon complied with the Code, save that the Senior Independent Director does not attend meetings with the major shareholders to listen to their views (which is explained further below).

This statement will address the main subject areas of the Code, namely leadership, effectiveness, accountability and relations with shareholders.