Board Committees
The Board of Directors
The Company supports the concept of an effective Board leading and controlling the Group. The Board is responsible for approving policy and strategy. It meets monthly and has a schedule of matters specifically reserved to it for decision. The Board consists of four executive directors, who hold the key operational positions in the Group, and two non-executive directors. The composition of the Board provides a balance whereby decision making cannot be dominated by an individual or small group.
Other Board Committees
The Company has established an Audit Committee composed of the Non-Executive Directors. The Audit Committee meets no less than twice each year and is responsible for making recommendations to the Board on the appointment of the auditors and the audit fee, for reviewing the conduct and control of the annual audit and for reviewing the operation of the internal financial controls. It has also responsibility for the reporting of the financial performance of the Company and for reviewing financial statements prior to publication.
The Company's Remuneration Committee is composed of the Non-Executive Directors. The committee reviews the performance of the Executive Directors and sets the scale and structure of their remuneration and the basis of their service agreements with due regard to the interest of the shareholders. The Remuneration Committee also determines the allocation of share options to employees.
The Nomination Committee is composed of the two Non-Executive Directors and meets at least once a year and at such other times as required.
The Committee is responsible for leading the process for Board appointments and making recommendations to the Board accordingly via a formal, transparent and rigorous appointment procedure.