How independent is the board?

Fifty-eight per cent is held by the founding family through a single named vehicle, twenty-two per cent by two institutional shareholders and the balance by about four hundred individual holders. The full substantial-shareholder list is in the annual accounts with the percentages.

Four of the seven directors are independent by the local governance code, the audit committee is chaired by one of them, and the roles of chairman and chief executive have been separate since 2009. Attendance at every meeting is published per director.

In the statements section, as filed, for every year since 2004, unedited. The related-party schedule is in the accounts with amounts rather than described in a note, and directors’ remuneration is given per individual.

Yes. About half the packaging company’s output goes to the other three, priced at a published internal rate reviewed annually by the audit committee. That rate and the volumes are in the related-party schedule.

On the dates in the reporting calendar, which have not moved since 2011. Results appear at seven in the morning and the managing directors are available from nine to answer questions about their own companies.