Our Governance

Chairman
Key Responsibilities

  • Running the Board effectively
  • Presides over Board meetings in a manner that encourages openness and participation
  • Guides and directs the corporate governance process
  • Serves as the Board's principal point of contact with the CEO
  • Works with the Chairperson of the various committees to align their objectives

Board
Key Responsibilities

  • Setting the overall Group strategy
  • Dealing with all significant operational matters
  • Regularly monitors the Group's risks
  • Ensures that there is an adequate system of internal controls in place
  • Makes certain that the management information systems are in place to allow the Board to make timely and informed decisions
  • Monitors the Group's Health & Safety procedures
  • Works with the Chairperson of the various committees to align their objectives

Chief Executive Officer
Key Responsibilities

  • Implementing the short and longer term strategy of the Group and other key issues determined by the Board
  • Presiding over the day to day management of the Group's activities
  • Making all key decisions regarding the Group's activities
  • Delivering shareholder value
  • Managing the financial implications and risks associated with any major decisions
  • Is accountable for risk management operations for the Group
  • In conjunction with the Group Finance Director is responsible for communication with the Group's stakeholders

Group Finance Director
Key Responsibilities

  • Plays a key role in developing, monitoring and evaluating overall corporate strategy
  • Works closely with the CEO and has overall responsibility for all financial related activities of the Group
  • Is accountable for the financial and administrative operations of the Group with particular emphasis on profitability, working capital management and enhancing shareholder value
  • Provides key financial insight to allow the Board to make better decisions
  • Communicates the financial implications of business decisions to the CEO
  • To establish an internal control system required to effectively manage the business and control risk
  • In conjunction with the CEO is responsible for communication with the Group's stakeholders

Audit Committee
Key Responsibilities

  • Monitors the effectiveness and integrity of the Group's financial reporting systems
  • Reviews the financial statements provided to shareholders
  • Plays a key role in planning and working with the Group's auditors to ensure that they provide a cost effective service which is objective and independent
  • Meets separately with the auditors four times a year

Remuneration Committee
Key Responsibilities

  • Establishing and updating the remuneration policy for each of the Executive Directors
  • Considering, discussing and approving the annual bonuses for the Executive Directors and agreeing any awards to be made under the 2013 LTIP, approved by shareholders in December, 2013
  • Further details of the remuneration policy and package for each of the Executive Directors are set out in the 2016 Directors' Remuneration Report

Employee involvement

The Group places considerable value on the involvement of its employees and keeps them informed of all relevant matters on a regular basis. The Group is an equal opportunities employer and all applications for employment are considered fully on the basis of suitability for the job.

Corporate governance

Whilst the Company does not comply with the 2014 Corporate Governance Code for periods beginning after 1 October 2014, the Directors recognise the importance of sound corporate governance and have reported on our Corporate Governance arrangements by drawing upon best practice available, including those aspects of the UK Corporate Governance Code 2012 we consider to be relevant to the Company and best practice.

Audit Committee

The Audit Committee comprises Terry Roydon (Chairman) and Simon Bennett. The Audit Committee meets at least four times a year and is responsible for ensuring that the financial performance of the Group is properly reported and monitored and for meeting the auditor and reviewing their reports in relation to the financial statements and internal control systems. The Group's auditor provides some non-audit services, but these are not considered to threaten their independence. The committee reviews the level of non-audit fees on an annual basis. The Audit Committee meetings are also attended by invitation by representatives of the Group's auditor, the Group Finance Director and the Chief Executive.

Since 30 June 2015 the Audit Committee has met four times to consider the planning of the statutory audit and to review the Group's draft half and full year results prior to Board approval and to consider the external auditor's detailed reports thereon.

Internal controls

The Board is responsible for maintaining a sound system of internal control to safeguard shareholders' investment and the Group's assets and for reviewing its effectiveness. Such a system is designed to manage, but not eliminate, the risk of failure to achieve business objectives. There are inherent limitations in any control system and accordingly even the most effective system can provide only reasonable, not absolute, assurance against material misstatement or loss.

The Board reviews the effectiveness of the Group's system of internal control on an ongoing basis. Annual budgets are prepared and detailed management reports are presented to the Board and used to monitor financial performance and compliance with the Group's policies and procedures. All controls are covered including financial and operational controls to manage risk. The Board meetings are also used to consider the Group's major risks.

Relations with shareholders

The Company has institutional shareholders and is, where practicable, willing to enter into a dialogue with them. The Chief Executive and Group Finance Director meet with institutional investors within the confines of relevant legislation and guidance.

The Board invites communication from its private investors and encourages participation by them at the AGM. All Board members are present at the AGM and are available to answer questions from shareholders.

Internal audit

The Board reviews from time to time the need for an internal audit function and remains of the opinion that the systems of internal financial control are appropriate to the Group's present activities and that such a function is unnecessary.

Remuneration Committee

The Remuneration Committee comprises Simon Bennett (Chairman) and Terry Roydon. The principal functions of the committee are to determine the Group's policy on the remuneration of Executive Directors and to determine the remuneration package of each Executive Director. The committee also determines long term incentive plans and the allocation of share options to the Executive Directors and other employees. The Remuneration Committee meetings are also attended by invitation by the Chief Executive and the Group Finance Director. During the year the committee met four times to review the Executive Directors' remuneration package.

The Directors comply with Rule 21 of the AIM Rules relating to Directors' dealings and take all reasonable steps to ensure compliance by the Company's applicable employees. The Company has adopted and operates a share dealing code for Directors and employees in accordance with the AIM Rules.

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