Governance

The Board of Directors, so far as it is practicable and to the extent appropriate, having regard to the size of the Company, intends to continue to comply with the main provisions of the principles of good corporate governance and the code of best practice appended to the Listing Rules (the "Combined Code").

The Board holds regular meetings and is responsible for formulating, reviewing and approving the Group's strategy, budgets, major items of capital expenditure and similar personnel appointments.

The Board has established a Remuneration Committee consisting of all current non executive directors. It reviews the performance of executive directors and sets the scale and structure of their remuneration and other terms of their service agreements with due regard to the interests of shareholders. In exercising this role, the Committee’s Terms of Reference require it to comply with the relevant provisions of the Code of Best Practice in the Combined Code.

The Board has also established an Audit Committee which consists of all current non executive directors. It assists the Board in meeting its responsibilities in respect of external financial reporting and internal controls. The Audit Committee also keeps under review the scope and results of the audit. It also considers the cost-effectiveness, independence and objectivity of the auditors, taking into account the non-audit services provided by them. The executive directors and external auditors normally attend meetings by invitation.