Morgan Advanced Materials PLC has released its 2023 Annual Report and Notice of the 2024 Annual General Meeting. The documents include the Annual Report and Financial Statements for the year ended 31 December 2023, the Notice of the 2024 AGM, and the Form of Proxy for the 2024 AGM. These documents have been made available to shareholders and can be accessed on the company's website and the National Storage Mechanism.
The full year results announcement of 12 March 2024 contained a management report and audited financial statements prepared in accordance with the applicable accounting standards. The financial information in the results announcement does not constitute the Company's statutory accounts for the year ended 31 December 2023. The statutory accounts for 2023 are included in the 2023 Annual Report, which will be delivered to the registrar of companies following the 2024 AGM.
The company has an established risk management methodology that seeks to identify, prioritize, and mitigate risks, underpinned by a 'three lines of defence' model comprising an internal control framework, internal monitoring, and independent assurance processes. The Board considers risk management and internal control fundamental to achieving the Group's aim of delivering long-term sustainable growth in shareholder value.
During the year, the company identified several actions to improve internal controls and risk management, including maintaining focus on employee safety and wellbeing, strengthening the security posture following a cyber security incident, increasing focus on a robust internal financial control environment, and driving forward the Group's sustainability agenda.
The Board has reviewed its appetite for the Group's principal risks and concluded that its appetite for these risks remains unchanged from the previous year. The Group is willing to take considered risks to develop new technologies, applications, partnerships, and markets for its products and to meet customer needs. The Group strives to eliminate risks to product quality and health and safety, as these underpin the success of the Company's products and the safety of its people and contractors.
As part of the ongoing risk management process, the Board and the GBUs identified and assessed emerging risks. None of these emerging risks are currently deemed to be significant and are therefore not listed amongst the Group's principal risks.