Board Committees
The Board has appointed the following principal committees:
The Audit Committee is chaired by N S J Moore and its membership comprises both the Non-Executive directors, N S J Moore and D Benjafield and two Executive directors, M Fishwick and T Willis by invitation. It meets on a bi-annual basis and its primary tasks are to receive reports from the external auditors and to review the preliminary results, interim information and the annual financial statements before they are presented to the Board, concentrating particularly on accounting policies and compliance, areas of management judgement and estimates, and the monitoring of the controls which are in place to ensure the integrity of the financial information to be reported to shareholders. The Committee has the authority to review specific matters relating to internal control on an ad hoc basis and has unrestricted access to the company's auditors and ensures that auditor independence has not been compromised. The Committee does not consider that an internal audit function is yet required for the company due to the size of the business.
The Remuneration Committee is comprised of the two non-executive directors and is charied by D W Benjafield. Executive Directors may also attend meetings as appropriatte to the business in hand, but are not members of the commitee. The Committee's role is to set the remuneration policy for the Executive directors and all the staff of the company. Specifically, the Remuneration Committee agrees the principal terms of their service contracts, including salaries and other benefits, such as bonuses paid and share options, and other terms and conditions of employment.
