Board Structure and Responsibilities
The Directors are responsible for overseeing the effectiveness of the internal controls of the Company designed to ensure that proper accounting records are maintained, financial information on which business decisions are made, and which is issued for publication, is reliable and that the assets of the Company are safeguarded.
The Company has adopted a share dealing code for the Directors, which is appropriate for a company whose shares are admitted to trading on AIM (in order to ensure, among other things, compliance with Rule 21 of the AIM Rules). The Company will take all reasonable steps to ensure compliance with the terms of its share dealing code by the Directors.
The Board recognises the importance of sound corporate governance and intends to comply with the Quoted Companies Alliance’s Corporate Governance Guidelines for AIM Companies, to the extent feasible and, in the Company’s sole discretion, appropriate.
The responsibilities of the Audit Committee include:
- monitoring the integrity of the Company's financial statements and reviewing significant financial reporting issues and judgments which they contain;
- overseeing the Company's relationship with its external auditors; and
- reviewing the effectiveness of the external audit process and considering the extent of the non-audit work undertaken by the external auditors.
The Audit Committee is chaired by Rhys Davies and its other members are Ramanan Raghavendran and Brett Miller. The Audit Committee is required to have at least two members, and a number of its member to be independent. It meets at least twice a year.