Committees
The Board has established the committees, The Audit Committee and The Remuneration Committee to fulfill specific functions. The minutes of all committee meetings are distributed to all directors. The two Directors, Stephen Ball and George Canvin, are the only members of the committees; however, the other directors are invited to attend where appropriate. Both Committees have formal written terms of reference which are published on this website.
The Audit Committee, chaired by George Canvin, is responsible for reviewing a wide range of financial matters, including the Group's accounting policies, internal management and financial controls and the Company's half year and annual accounts prior to their submission to the Board. The Audit Committee also considers the appointment and fees of the external auditors and discusses the audit scope as well as the findings and management matters arising from audits. The Committee meets twice a year.
The auditors have provided non audit services to the Group. The objectivity and independence of the auditors is maintained by having separate engagement partners for audit and non audit engagements and the Audit Committee will continually review the independence of the auditors.
The Remuneration Committee, also chaired by George Canvin, meets as required during the year to review the Company's general policy on executive remuneration, the application of the policy to the remuneration and benefits of the executive directors and to recommend and monitor the level and structure of remuneration for senior management.
The Remuneration Committee Report contains a more detailed description of the Company's policies and procedures for executive remuneration. The Executive Chairman and the Company Secretary, as appropriate, attend meetings of the Committee but they do not participate in discussions on their own remuneration. The Committee meets once during the year.