Overview
The Board is committed to maintaining high standards of corporate governance. The Listing Rules of the Financial Services Authority incorporate the Combined Code, which sets out the principles of Good Governance, and the Code of Best Practice for listed companies. Whilst the Company is not required to comply with the Combined Code, the Company's corporate governance procedures take due regard of the principles of Good Governance set out in the Combined Code in relation to the size and the stage of development of the Company.
The role of the Board
The Board meets regularly throughout the year. For the period ending 30 August 2009 the Board met eight times in relation to normal operational matters. 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.
The Board of Directors currently comprises four executive Directors one of whom is the Chairman and three Non-Executive Directors. 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 its Chairman and executive Directors in particular, maintains regular contact with its advisers and public relations consultants in order to ensure that the Board has and maintains an understanding of the views of its major shareholders.
Board Committees
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 -