Board Committees
Following admission to AIM, the Board established an audit committee and a remuneration committee, each of which operates within defined terms of reference.
Audit Committee
The audit committee is chaired by Mark Butcher the Non-executive Director. The audit committee meetings are also attended, by invitation, by the other Directors. The committee provides a forum for reporting by the Group’s external auditors.
The audit committee is responsible for reviewing a wide range of matters including the half year and annual financial statements before their submission to the Board and monitoring the controls which are in force to ensure the integrity of the information reported to the shareholders. The audit committee advises the Board on the appointment of external auditors and on their remuneration both for audit and non-audit work and discusses the nature, scope and results of the audit with the auditors.
The audit committee keeps under review the cost effectiveness of the auditors. It also reviews the extent of the non-audit services provided by the auditors and reviews with them their independence and objectivity. The Chair of the audit committee reports the outcome of audit committee meetings to the Board and the Board receives minutes of the meetings.
The Audit Committee report is presented in the 2023 Annual Report and Financial Statements on page 32.
Remuneration Committee
The remuneration committee is chaired by Mark Butcher, the Independent Non-Executive Director. The committee is responsible for determining the remuneration for the Executive Directors and the subsidiary Directors. The committee determines the contract terms, remuneration and other benefits for each of the Executive Directors, including performance related bonus schemes, pension rights and compensation payments.
The Board determines the remuneration of the Chair and the Non-Executive Directors. The Remuneration Committee Report is shown in the 2023 Annual Report and Financial Statements on pages 34-35.
Nominations Committee
The Nominations Committee’s duties are confined to the nomination of appointments, re-appointments and termination of employment or engagement of Directors and the Company Secretary. The Nominations Committee Report is shown in the 2023 Annual Report and Financial Statements on page 33.