Corporate Governance
Betfair is committed to adopting and conforming to best practice across the business. Even though the group remains privately-owned, in 2004 the company adopted new articles of association which enabled the Board to move ahead with corporate governance broadly in line with standards expected within the Combined Code. Since then the group has continued to implement and update internal policies to promote transparency and a high standard of corporate conduct.
Betfair's Board has three sub-committees, Audit, Remuneration and Nominations, all of which have clear terms of reference and comprise exclusively non-executive directors. The company also carries out a biannual risk review that is scrutinised by the Audit Committee and reviewed by the Board.
Betfair leads the gambling industry in protecting its customers' money, by holding client funds in a separate ring-fenced account at The Royal Bank of Scotland that is subject to a formal legal trust. The trust deed imposes strict limitations on the way in which customer moneys are dealt with, and in particular separates Betfair's own company funds from money held on behalf of our customers. The trust account is in turn audited by KPMG, a leading global accountancy firm.