The Directors recognise the importance of sound corporate governance and intend to observe the guidance for smaller companies as provided by the QCA. The Directors have therefore established an Audit Committee and a Remuneration Committee each with formally delegated rules and responsibilities.
The Audit Committee 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 the accounts and internal control systems. It will meet once a year with the auditors without executive members present.
The Remuneration Committee is responsible for reviewing the performance of the executive Directors and will set and review the scale and structure of their remuneration and the terms of their service agreements with due regard to the interests of shareholders. In determining the remuneration of executive directors the remuneration committee will seek to attract and retain executives of the highest calibre. The remuneration committee will also make recommendations to the board concerning the allocation of share options to employees. No director will be permitted to participate in discussions of decisions concerning his own remuneration.