Corporate Governance

 

The directors recognise the value of the Principles of Good Governance and the Combined Code.

 

Although there is no formal corporate governance regime applicable to the Company, the company has chosen to comply with the Combined Code so far as is practicable and appropriate for a public company of its size and nature. Having regard to its size, the company also follows the recommendations on corporate governance of the Quoted Companies Alliance.

 

The board has established an audit committee and a remuneration committee with formally delegated duties and responsibilities.

 

 

Audit committee

The audit committee is chaired by John Green and has Charles Price as its other member. The audit committee meets at least twice each year and is responsible for monitoring the quality of internal control, ensuring that the financial performance of the Company is properly measured and reported on, meeting with the auditors and reviewing reports from the auditors relating to accounting and internal controls.

 

Remuneration committee

The remuneration committee is chaired by Charles Price and has John Green as its other member. The remuneration committee reviews the performance of the executive directors and sets the scale and structure of their remuneration and reviews the basis of their service agreements with due regard to the interests of the shareholders. The remuneration committee also reviews proposals to change the remuneration of all other employees. The remuneration committee provides recommendations to the directors concerning the allocation of share options to directors and employees. No director is permitted to participate in discussions or decisions concerning his own remuneration.