Corporate Governance
The Board intends that, so far as it considers it appropriate having regard to the size of the Group, it will comply with the Combined Code. The Board has established appropriately constituted Audit, Remuneration, Nominations and Resource Committees with formally delegated responsibilities except in relation to the Resource Committee.
The Audit Committee, which is responsible for ensuring that the financial performance of the Group is properly measured, controlled and reported on, and for reviewing reports from the Auditors relating to the accounts and internal controls systems, is chaired by Mr P Cowley, the other members being Mr N W Berry and Mr G Stanley.
The Remuneration Committee, which is responsible for setting the remuneration and benefits of the executive directors, is chaired by Mr N W Berry; with Mr P Cowley and Dr R V Danchin being the other member.
The Nominations Committee, which leads the process for board appointments and makes recommendations to the board is chaired by Mr J G Cluff, the other members being Mr N W Berry, Mr T C A Wadeson and Dr R V Danchin.
The Resource Committee, which is responsible for ensuring that all resource and reserve estimates published by the Company have been prepared to an appropriate standard is chaired by Mr P Cowley, Mr T C A Wadeson and Mr R V Danchin being the other members.
The Safety, Health and Environment Committe which is responsible for ensuring that all these areas are responsibly covered, is chaired by Mr T C A Wadeson with Mr P Cowley being the other member.
The Company will take all reasonable steps to ensure compliance by directors of the Company and relevant employees with the provisions of the AIM Rules relating to dealings in its securities.
The Board considers that Mr N W Berry, Dr R V Danchin, Mr P Cowley, Mr T C A Wadeson, Mr R Winston and Mr G Stanley to be independent notwithstanding any options they have been granted by the Company.
The Board meets on a frequent basis to ensure at least nine meetings are held annually.