The Directors recognise the value and importance of high standards of corporate governance and intend to observe the requirements of the UK Corporate Governance Code to the extent they consider appropriate in light of the Company’s size, stage of development and resources.
The Company also proposes to follow the recommendations on corporate governance of the Quoted Companies Alliance for companies with shares traded on AIM.
The Directors have established an audit committee, remuneration committee, and nominations committee with formally delegated duties and responsibilities.
The audit committee determines the terms of engagement of the Company’s auditors and in consultation with the Company’s auditors, the scope of the audit. It will receive and review reports from management and the Company’s auditors relating to the interim and annual accounts and the accounting and internal control systems in use by the Company. The audit committee has unrestricted access to the Company’s auditors.
Members of the audit committee are David Gammon and Neil Armstrong.
The remuneration committee reviews the scale and structure of the executive Directors’ future remuneration and the terms of their service agreements with due regard to the interests of Shareholders. No Director is permitted to participate in discussions or decisions concerning his own remuneration. Members of the remuneration committee are David Gammon, Charles Cotton and David Walsh.
The nominations committee reviews the constituents of the Board and its committees to ensure appropriate balance and representation. Members of the nominations committee are David Gammon, David Braben and Neil Armstrong.