The directors recognise the value of the Combined Code on Corporate Governance that was issued in September 2012 by the Financial Reporting Council and whilst under AIM rules full compliance is not required, the directors believe that the Company applies the Main Principles insofar as is practicable and appropriate for a public company of its size.
The role of the Board
The board of directors comprises two executive directors, and six non-executive directors, one of whom is the Chairman. The directors are of the opinion that the board comprises a suitable balance and that the recommendations of the Combined Code have been implemented to an appropriate level. The board, through the Chief Executive Officer and the Finance Director in particular, maintains regular contact with its advisers and public relations consultants in order to ensure that the board develops an understanding of the views of major shareholders about the company.
In addition to ad hoc meetings arranged to discuss particular transactions and events and the AGM, the full board meets at least four times a year. The board is responsible for formulating, reviewing and approving the Company's strategy, financial activities and operating performance. Day to day management is devolved to the executive directors who are charged with consulting the board on all significant financial and operational matters. Consequently decisions are made promptly and following consultation amongst the directors concerned where necessary and appropriate.
All necessary information is supplied to the directors on a timely basis to enable them to discharge their duties effectively, and all directors have access to independent professional advice, at the company's expense, as and when required.
The Board has established the following committees, each which has its own terms of reference: Please click on the links to access information on each of the committees -