Certain responsibilities are delegated to the Remuneration Committee, the Audit and the Nomination Committees.
The three committees have written terms of reference, which define their authorities, duties and membership.
The written terms of reference are available for inspection at the Company's registered office during normal business hours on any weekday excluding public holidays.
Christopher Humphrey and Guy Millward are members of the Audit, Remuneration and Nomination committees.
Audit Committee
The key responsibilities of the Audit Committee are as follows:
- monitoring the financial reporting process, including the integrity of the Financial Statements of the Company and any formal announcements relating to the Company’s financial performance including reviewing significant financial reporting judgements contained therein
- reporting to the Board on the appropriateness of the significant accounting policies and practices of the Group
- risk management and the effectiveness of the Group’s system of internal financial control
- overseeing the external auditors including its scope and cost effectiveness and monitoring and reviewing the independence of our external auditors and the provision of non-audit services to the Group
- overseeing the quality of the internal and external audit processes
- monitoring and reviewing the scope and areas internal audit should cover alongside the other programmes and process reviews the Company has.
The principal objectives of the Remuneration Committee are to review the performance of the Executive Directors and make recommendations to the Board on matters relating to their remuneration and terms of employment.
Guy Millward is chairman of the Audit committee.
Nomination Committee
The nomination committee meets at least once a year and is responsible for reviewing the size, structure and composition of the board and making recommendations to the board if it considers that any changes are required. It has a formal procedure for appointments to the board.
Christopher Humphrey is chairman of the Nomination committee.
Remuneration Committee
The principal objectives of the Remuneration Committee are to review the performance of the Executive Directors and make recommendations to the Board on matters relating to their remuneration and terms of employment.
Christopher Humphrey is chairman of the Remuneration committee.