Committees

The Company Board has established an Audit Committee with the role and responsibilities described in the Combined Code. Membership of the Committee comprises Gordon Montgomery (independent non-executive chairman), Michael Clark, Michael Lilwall and Gary Teper. The Committee meets on a quarterly basis.

The Committee is responsible for monitoring and reviewing the effectiveness of the Group's internal audit function and considering reports from internal audit on internal controls and risk management. It is also responsible for ensuring an objective and professional relationship is maintained with the Group's external auditors.

The role of the Audit Committee includes reviewing the independence and the nature of non-audit services supplied and non-audit fee levels relative to the audit fee. The Committee is satisfied that the independence of the auditors has not been impaired by providing these services.

The Company does not have a formal Remuneration Committee or a formal Nomination Committee. Decisions on remuneration and appointments to the Board are made by the Group Board.