Governance

The Company complies, where appropriate for a company of its size, with provisions of the combined code.
The company holds at least 10 board meetings throughout the year. The Board is responsible for formulating, reviewing and approving the Company’s strategy, budgets, major items of capital expenditure and acquisitions. The company adopts the Model Code.

An audit committee has been established. It meets at least twice each year and is responsible for ensuring that the financial performance of the Company is properly reported on and monitored, for meeting the auditors and reviewing the reports from the auditors relating to accounts and internal control systems. The audit committee comprises the Chairman (who will always be a non-executive Director), the Chief Executive and at least one other non-executive Director.

A remuneration committee has been established. It reviews the performance of executive Directors and set the scale and structure of their remuneration, the basis of their remuneration and the basis of their service agreement with due regard to the interests of shareholders. The remuneration committee also determines allocation of share options to employees. No Director shall be permitted to participate in discussions or decisions concerning his own remuneration. The remuneration Committee comprises the Chairman (who will always be a non – executive director), the Chief Executive and at least one other non- executive director.

A nominations committee has also been established. It consists of the Chairman (who will always be a non – executive director) the Chief Executive and at least one other non – executive Director and will make recommendations of the appointment of further directions to the board.