Rules that bind the owner too.
Governance at Montlior exists to make editorial independence structural rather than merely stated.
How the Group is governed.
The Board is collectively responsible for the long-term success of the Group. It reserves certain matters to itself and delegates the remainder to the Group Chief Executive, within limits reviewed annually.
Montlior Group reports against the Coravian Corporate Governance Code and complied with all of its provisions throughout the year ended 31 December 2025. Where the Group goes further than the Code requires — most notably in establishing a board committee for editorial independence — it does so by choice and reports on it in the same terms.
The Board met eight times in 2025. The independent directors met three times without the Chairman present, chaired by the Senior Independent Director. Board performance was reviewed by an external evaluator in 2024, as required every third year.
Code compliance
Full compliance with the Coravian Corporate Governance Code in FY2025.
Board independence
Five of eight directors are independent, including the Deputy Chair.
Editorial firewall
A standing committee with authority to investigate and to publish.
Board meetings
Eight scheduled meetings in 2025, plus three independent-only sessions.
External evaluation
Board effectiveness is reviewed by an independent external evaluator every third year, most recently in 2024.
Disclosure record
Every approach seeking to influence coverage is logged and reported to the Board, and disclosed in the Annual Report.
Five standing committees.
Terms of reference for each committee are reviewed annually and published in full.
Audit & Risk Committee
Oversees the integrity of financial reporting, the effectiveness of internal control and risk management, the relationship with the external auditor, and the annual viability statement. The Group Chief Financial Officer attends by invitation but is not a member. Met five times in 2025.
Editorial Independence Committee
Established in 2018 on adoption of the Charter. Receives and investigates any report of an attempt — by an advertiser, shareholder, director or government — to influence Montlior coverage. Has authority to commission independent investigation and to publish its findings without management approval.
Nine reports were received in 2025. Seven were resolved as unfounded or procedural; two are described, without naming complainants, in the Annual Report.
Remuneration Committee
Sets the remuneration of the executive directors and the Chairman, and reviews the framework applying to the Group Executive Committee. No executive incentive at Montlior is linked to audience volume, page views or advertising yield on any individual article — a restriction written into the policy in 2018.
Nomination & Governance Committee
Reviews the composition of the Board, leads succession planning for the Chairman and the Group Chief Executive, and oversees the Group’s governance framework. The Chairman does not participate in matters concerning his own succession, which are led by the Senior Independent Director.
Technology & Data Committee
Scrutinises the Group’s technology investment, information security posture, use of recommendation and ranking systems, and the provenance standards applied to material distributed over Montlior Wire. Reviews the Group’s policy on machine-generated content, which requires disclosure of any material produced without human authorship.
The Editorial Independence Charter.
The Charter is a binding constitutional document. It cannot be amended by management, and any amendment requires the approval of the independent directors and a resolution of shareholders.
- Editorial appointments are made by editors, not by the Group
- No advertiser may be given notice of coverage before publication
- No incentive may be linked to the commercial performance of an article
- Every attempt at influence is logged and reported to the Board
- Corrections are published at the prominence of the original error
A charter that can be set aside when it is inconvenient is not a charter. Ours is inconvenient roughly twice a year, which is how we know it works.Elena Rivas, Chair of the Editorial Independence Committee
Group policies.
All policies apply to every Montlior company and to anyone acting on the Group’s behalf.
| Document | Applies to | Last reviewed | Download |
|---|---|---|---|
| Editorial Independence Charter | All Group companies | Mar 2026 | |
| Code of Conduct | All colleagues and contractors | Jan 2026 | |
| Whistleblowing Policy | All colleagues and contractors | Jan 2026 | |
| Corporate Governance Report 2025 | Montlior Group N.V. | Mar 2026 | |
| Directors' Remuneration Policy | Board and executive committee | Jun 2026 | |
| Board & Committee Terms of Reference | Board committees | Mar 2026 | |
| Modern Slavery Statement 2025 | Group and supply chain | Apr 2026 | |
| Group Tax Strategy 2025 | Montlior Group N.V. | Dec 2025 |
Raising a concern
Colleagues, contractors and members of the public may raise a concern in confidence through the Group’s independently operated whistleblowing line, which is not administered by Montlior management. Reports concerning editorial interference are routed directly to the Chair of the Editorial Independence Committee. Contact speakup@montliorgroup.example.