Board Committees


Corporate Governance Committees

The Board has established two Committees comprising the Non-Executive Directors and one Executive Director. The members are:


Audit

Remuneration

Robert Mitchell

Barry Whyte

Barry Whyte Robert Mitchell

 

Stephen Coke

 

Stephen Coke is invited to attend the audit committee meetings.
The Board does not consider it necessary to have a Nomination Committee.


The Audit Committee

The primary responsibilities of the Audit Committee are to review the effectiveness of the internal control environment of the Company and to monitor adherence to best practice in corporate governance; to make recommendations to the board in relation to the re-appointment of the Auditors and to approve their remuneration and terms of engagement; and to review and monitor the Auditors’ independence and objectivity and the effectiveness of the audit process and provide a forum through which the Company’s Auditors report to the Board. The Audit Committee also has responsibility for monitoring the integrity of the financial statements and accounting policies of the Company. Committee members consider that individually and collectively they are appropriately experienced to fulfil the role required.

 

Saffery Champness, the company’s Auditors, attend the meeting of the Audit Committee to approve the financial statements and Annual Report and have direct access to Committee members. The chairman of the Audit Committee will be present at the Annual General meeting to deal with any questions relating to the accounts.

 

In addition, the Audit Committee has considered the requirement for an internal audit function and has concluded that given the current state of operations no internal audit department is required.

 

Remuneration Committee

The terms of reference of the Remuneration Committee are:

  • recommend to the Board a framework for rewarding senior management, including Executive Directors, bearing in mind the need to attract and retain individuals of the highest calibre and with the appropriate experience to make a significant contribution to the Group; and
  • ensure that the elements of the remuneration package are competitive and help in underpinning the performance-driven culture of the Group.

 

 

The information is disclosed in accordance with AIM Rule 26 and was last updated 14/12/11.