Virgin Group FAQs
Here’s some more details about the Virgin Group. For the purposes of these FAQ’s references to the ‘Virgin Group’ comprises the companies that form Virgin’s investment platform and not the Virgin operating companies, including the Virgin brand. If you are a journalist and require further information, then please email press@virgin.com
1. What is your governance structure?
Virgin Group Holdings Limited is our ultimate group holding company (VGHL). VGHL is governed by a board of directors which maintains oversight of all the commercial, financial and legal affairs of the Group, as defined by the Group’s delegation of authority. The Board is chaired by Richard Branson and includes Peter Norris (Chairman of the Virgin Group), Josh Bayliss (Group CEO), and two independent non-executive directors. The Leadership Team (who comprise the board of Virgin International Holdings Limited), implement the strategy and run the operations of the Virgin Group, and also provide recommendations to the VGHL Board as necessary.
In accordance with UK company law, certain large private companies are required to apply and report against a corporate governance code. Virgin Holdings Limited, as the parent entity of Virgin Red, Virgin Hotels Collection and the Virgin Brand has voluntarily elected to apply the Wates Principles, which are recommended for large private companies despite not being legally required to do so. These principles provide a framework and guidance around core principles of Purpose & Leadership, Board Composition, Director responsibilities, Opportunity & Risk, Remuneration and Stakeholder relationships & engagement.
2. What is your stance on modern slavery?
Richard Branson, Virgin Group and the Virgin businesses support the global fight against labour abuse in supply chains and are vocal champions of supply chain transparency. We have a zero-tolerance position towards slavery and human trafficking, wherever and in whatever form it may be encountered. Download and read our statements on modern slavery.
3. What is your tax strategy?
The Virgin Group believes that business has a wider responsibility to promote good and should not exist purely for commercial profit. We understand that the tax we pay is an important part of our wider economic and social impact and plays a key role in development, both inside and outside the UK. We regard it as a critical element of our commitment to grow in a sustainable, responsible and socially inclusive way. We focus on building shareholder value through commercial business activity and pay tax on commercial profits in the jurisdiction that those profits are generated. We do not devise or implement aggressive tax planning arrangements. The Virgin Group publishes its tax strategy here.
The Virgin Group and Virgin Holdings Limited complies with tax laws including filing a Country by Country Report as required.
4. Why is Virgin Group Holdings based and registered in the British Virgin Islands?
Richard Branson as the Founder of the Virgin Group is based in the BVI, having owned Necker Island since 1978. Richard has worked with and been part of the local community for the last 40 years, deciding with his family to move there on a permanent basis in 2005. In 2017, Virgin Unite established the Unite BVI foundation, a charitable organisation working towards a prosperous future for the islands by supporting local entrepreneurs, environmental conservation and education, health and social development within the local community. Given Richard has lived in the BVI for many years now and has very strong ties with the region, it makes sense for the Virgin Group’s holding company to be based there.
