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Corporate Governance

The Directors recognise the importance of sound corporate governance.

The Board

The Board currently comprises four non-executive directors.

Audit Committee

The Board has established an audit committee with formally delegated duties and responsibilities. The audit committee comprises the Non-executive Directors Michael Pappas, Dale Boden and Ross Hollyman with Michael as Chairman.

The terms of reference of the Audit Committee are available here.

Remuneration Committee

The Company has established a remuneration committee which will meet as and when required. The remuneration committee comprises the Non-executive Directors Michael Pappas, Dale Boden and Ross Hollyman with Dale as Chairman.

Nominations Committee

The Company has established a nomination committee which will meet as and when required. The remuneration committee comprises the Non-executive Directors Michael Pappas, Dale Boden and Ross Hollyman with Ross as Chairman.

Internal Control

The Board is responsible for maintaining a sound system of internal control. The Board's measures are designed to manage, not eliminate risk, and such a system provides reasonable but not absolute assurance against material misstatement or loss.

Some key features of the internal control system are:

• Management accounts information, budgets, forecasts and business risk issues are regularly reviewed by the Board who meet at least four times per year;
• The Company has operational, accounting and employment policies in place;
• The Board actively identifies and evaluates the risks inherent in the business and ensures that appropriate controls and procedures are in place to manage these risks; and
• There is a clearly defined organizational structure and there are well-established financial reporting and control systems.

Going Concern

The Directors confirm that they are satisfied that the Company and Group have adequate resources to continue in business for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

 

Page last updated: 4 January 2012

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