The Quoted Company Alliance Code (The QCA Code)
The directors are fully supportive of good corporate governance and have adopted The QCA Code. This puts into practice an effective and flexible governance model, encourages positive engagement with all our stakeholders, and is one of the foundations of a sustainable corporate growth strategy.
The QCA Code is constructed around ten broad principles and a set of disclosures. Each principle, how the board puts this into practice is set out below.
The Board last reviewed compliance with the QCA Code on 28th July 2026.
Deliver growth
Principle 1: Establish a purpose, strategy and business model which promote long-term value for shareholders
The Board has established a clear corporate purpose, strategy and business model designed to create sustainable long-term value for shareholders. The Company’s purpose is to improve patient outcomes through the delivery of innovative healthcare technology solutions supported by its pathway management platform, Bleepa, to drive faster treatment plans and eliminate unnecessary outpatient appointments. This purpose underpins the Company’s strategy, culture and key decision-making processes.
The Board regularly reviews the Company’s strategic objectives and business model to ensure they remain aligned with market opportunities, stakeholder expectations and the delivery of sustainable shareholder value. In pursuing growth, the Board seeks to balance risk and opportunity whilst maintaining high standards of governance and corporate responsibility.
Principle 2: Seek to understand and meet shareholder needs and expectations
The Board is committed to maintaining an open and constructive dialogue with the Company’s shareholders and understanding their needs, objectives and expectations.
The Board recognises the importance of effective engagement with both institutional and private investors and seeks to ensure that shareholders are provided with clear, balanced and timely information regarding the Company’s strategy, performance, governance and prospects.
The Company engages with shareholders through a variety of channels, including the Annual General Meeting, investor presentations, regulatory announcements, annual and interim reports, the Company website and direct meetings with investors. Feedback received through these engagements is shared with the Board and considered as part of the Company’s strategic and governance decision-making processes.
The Board actively monitors shareholder sentiment and voting outcomes and seeks to understand the reasons behind significant voting decisions or areas of shareholder concern. Where appropriate, the Company engages directly with shareholders to discuss governance matters, remuneration issues, strategic objectives or other topics of interest.
The Board believes that maintaining a strong relationship with shareholders supports transparency, accountability and the creation of long-term sustainable value.
Principle 3: Take into account wider stakeholder and social responsibilities and their implications for long-term success.
The Board recognises that the long-term success of the Company depends on maintaining strong relationships with its stakeholders, including employees, customers, suppliers, shareholders, healthcare providers, regulators and local communities.
The Board seeks to understand the interests and expectations of these stakeholder groups and takes them into account when making strategic decisions. Employee engagement, customer feedback and stakeholder dialogue provide valuable insights that help inform the Company’s strategy and operations.
The Board also recognises the increasing importance of environmental, social and governance (“ESG”) matters and considers these factors when assessing long-term business opportunities, risks and sustainability objectives. The company’s flagship product, Bleepa, drives improved environmental outcomes by reducing unnecessary outpatient appointments and supporting asynchronous clinical collaboration, lowering the carbon footprint of patient pathways. Bleepa also supports improved social impact through delivering faster treatment plans and improved patient outcomes.
Principle 4: Embed effective risk management, considering both opportunities and threats, throughout the organisation.
The Board is responsible for establishing and maintaining an effective risk management framework that supports the achievement of the Company’s strategic objectives.
The Board regularly reviews principal and emerging risks, including operational, regulatory, cybersecurity, commercial, supply-chain, financial and ESG-related risks. Risk management is embedded throughout the business and forms an integral part of strategic planning, resource allocation and decision-making. Risk management is integral to Feedback’s culture and to Bleepa: being an NHS supplier requires higher thresholds for all areas for healthcare regulatory compliance, information governance and cybersecurity.
The Board seeks not only to identify and mitigate risks but also to recognise opportunities that may contribute to the creation of long-term shareholder value.
Maintain a dynamic framework
Principle 5: Maintain the Board as a well-functioning, balanced team led by the chair.
The Board is committed to maintaining a well-functioning and effective Board led by the Chair.
The Board comprises executive and non-executive directors with an appropriate balance of skills, experience, independence and diversity. The Board reviews its composition regularly to ensure it remains appropriate for the Company’s stage of development and strategic objectives.
The Board recognises the importance of independent challenge and constructive debate in supporting effective decision-making. The Board considers the independence of its non-executive directors annually and keeps Board composition under regular review as part of its succession planning activities.
The Audit, Remuneration and Nomination Committees support the Board in discharging its responsibilities and operate under clearly defined terms of reference.
Principle 6: Ensure that between them the directors have the necessary up-to-date experience, skills and capabilities.
The Board seeks to ensure that, collectively, its directors possess the necessary knowledge, experience, skills and personal qualities required to support the Company’s strategy and long-term success.
The Board regularly reviews its composition and considers sector expertise, financial experience, governance capability, public market experience, diversity and succession planning requirements. The Board supports ongoing professional development and training to ensure directors remain effective in their roles and informed of regulatory, governance and market developments.
The Board also recognises the benefits that diversity and inclusion bring to effective decision-making and business performance.
Principle 7: Evaluate board performance based on clear and relevant objectives, seeking continual improvement.
The Board undertakes a regular independent evaluation of its effectiveness, as well as the effectiveness of its Committees and individual directors.
The evaluation process is led by our external advisors and considers Board composition, skills, governance effectiveness, quality of decision-making, succession planning and strategic oversight. Findings are discussed by the Board and actions arising from the review are monitored as part of the Company’s ongoing commitment to continuous improvement.
Principle 8: Promote a corporate culture that is based on ethical values and behaviours.
The Board promotes a culture based on integrity, accountability, openness and ethical behaviour.
The Company’s culture is aligned with its purpose, strategy and values and is reinforced through leadership behaviours, policies, performance management processes and employee engagement activities. The Board regularly considers whether the Company’s culture supports the achievement of its strategic objectives and long-term sustainable success.
The Board believes that a positive and ethical culture enhances corporate performance, supports stakeholder relationships and contributes to long-term value creation.
Principle 9: Maintain governance structures and processes that are fit for purpose and support good decision making and long-term value creation
The Board maintains governance structures that are appropriate to the size, complexity and stage of development of the Company.
The Company’s governance framework supports effective oversight, accountability and decision-making. The Board regularly reviews its governance arrangements to ensure they remain aligned with the Company’s purpose, strategy, culture and risk profile.
The Board also reviews remuneration arrangements to ensure that incentives support the creation of sustainable long-term value and appropriately align the interests of executives, employees and shareholders.
The Board delegates authority to three Committees to assist in meeting its business objectives whilst ensuring a sound system of internal control and risk management. The Committees meet independently of Board meetings.
The Audit and Risk Committee comprises three non-executive directors with Philipp Prince as chair, and meets at least three times a year to review financial performance, external audit, and to review the risk register and internal controls. Philipp Prince is a chartered accountant with an extensive background in finance and experience in senior commercial and CFO roles.
The Remuneration Committee meets three times a year and comprises all of the non-executive directors, chaired by Annemijn Eschauzier. The Committee’s purpose is to regularly review the remuneration package of all Directors and senior employees and make recommendations to the Board on matters relating to their remuneration and terms of employment. The Remuneration Committee also makes recommendations to the Board on proposals for the granting of share options and other equity incentives pursuant to any share option scheme or equity incentive scheme in operation from time to time.
The Nomination Committee consists of the Non-Executive Directors and is chaired by Rory Shaw. The Committee meets as required, has responsibility for reviewing the size and composition of the Board, and for identifying and nominating, for the approval of the Board, candidates to fill Board vacancies as and when they arise.
Each of the Committees has clear terms of reference which can be found here:
Build trust
Principle 10: Communicate how the company is governed and is performing by maintaining a dialogue with shareholders and other relevant stakeholders.
The Board is committed to maintaining open and constructive dialogue with shareholders and other stakeholders.
The Company communicates with shareholders through regulatory announcements, annual and interim reports, investor presentations, the annual general meeting and direct engagement with institutional and private investors through the CEO and CFO. Feedback received through these channels helps the Board understand shareholder views and informs Board discussions where appropriate.
The Company also engages with employees, customers, suppliers and other stakeholders to ensure their views are understood and considered as part of the Company’s decision-making processes. The Board believes that transparent communication supports trust, accountability and long-term success.
Further information on our governance processes can be found in our annual report. The annual report and accounts, and all notices of all general meetings for the last five years can be found on the investor page of our website.