The Directors support the underlying principles of the UK Corporate Governance Code, notwithstanding that the Group is not required to comply with all of the Code’s recommendations. The Board recognises its overall responsibility for the Group’s systems of internal control and their effective operation and it has sought to comply with those provisions of the Code judged appropriate for the current size and nature of the Group, being the establishment of an Audit Committee, a Remuneration Committee and a Nominations Committee.
The Board has three standing committees:
The Audit Committee meets as required, but at least twice a year. In addition to reviewing the Annual Report and Financial Statements and the Interim Report prior to their submission to the Board for approval, it keeps the scope, cost effectiveness, independence and objectivity of the external auditors under review. This includes monitoring the level of non-audit fees.
The committee routinely meets for discussion with the external auditors, who attend its meetings, as required.
The Committee is responsible for determination of the remuneration and remuneration policy for the Company’s executive directors and senior executives.
The Nominations Committee considers succession planning, reviews the structure, size and composition of the Board and nominates candidates to fill Board vacancies.