The make up of THG's board will be a "prime focus" and the subject of "detailed scrutiny" over the coming months, the group's recently-installed chairman has said.
In the listed company's annual report, Lord Charles Allen told shareholders that bosses are "acutely aware" of the need to have a "suitably-equipped" leadership team in place to guide THG through the next "significant stage of its corporate governance journey".
He also said that "due regard" must be given to both the balance of executive directors and non-executive directors as well as the need for appropriate succession planning to be undertaken.
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In the same report, chief executive and co-founder Matthew Moulding said that while THG has made "substantial progress" during its latest financial year, "we are naturally disappointed that this has not translated into tangible shareholder returns".
THG's share price has fallen from 624p 12 months ago to just over 100p after enduring a tough first full year as a public company.
Lord Allen, who succeeded Mr Moulding as chairman in March, said: "It is anticipated that board composition will be a prime focus and remain subject to detailed scrutiny over the coming months to ensure that a suitably equipped leadership team is in place to drive and navigate the company through the next stage of its corporate governance journey.
"The group’s governance infrastructure will be enhanced and refined as required and the necessary changes effected to ensure it is suitably mature and appropriately structured, whilst at the same time encouraging stakeholder confidence and supporting the long-term sustainable success of the group.
"Within the parameters of a robust governance framework and aligned with its growth ambitions, the company remains committed to enhancing and developing its operations, its business model and its businesses for the benefit of its shareholders, its people and all other stakeholders."
The publication of THG's annual report comes after the group published its latest financial accounts last month.
THG branded the initial takeover proposals it has received from "numerous parties in recent weeks" as unacceptable as it revealed its full-year revenue jumped past the £2bn mark.
The retail and technology giant added that "each and every proposal to date" had failed to reflect the fair value of the group.
THG also confirmed that it is not currently in receipt of any approaches.
On the future direction of the company, Mr Moulding added: "We are making long-term strategic decisions for THG as we recognise the enormous opportunity that that the structural shift to online e-commerce will bring.
"During 2021, we invested £1bn across infrastructure, technology and acquisitions to further develop the long-term growth prospects of the group, and completed many transformational projects on a global scale.
"The investment that we have made in our global manufacturing, fulfilment and distribution network provides capacity and capabilities to continue to build leading positions in our core markets across technology, beauty and nutrition, supplemented by in-housing recycling infrastructure to support our target of recycling more plastic than we produce.
"Our vision has not changed. THG Beauty and THG Nutrition are focused on becoming the undisputed digital leaders in their categories.
"THG Ingenuity aims to be the leading technology platform for the enterprise market, powering digital transformation for brands globally.
"Whilst we have made substantial progress and remain committed to executing our strategic growth plans, we are naturally disappointed that this has not translated into tangible shareholder returns.
"The management team, with our board’s full support, remains wholly focused on delivering our strategic growth plans in 2022 to drive shareholder value."
