The Board complies with the principles of good governance and the recommendations of best practice as set out in the Combined Code so far as is practicable and appropriate for an AIM company of its size. In this connection the Board takes into account the guidance issued by the Quoted Companies Alliance.
The Board holds board meetings regularly throughout the year. The Board is responsible for formulating, reviewing and approving strategy, budgets, acquisitions, capital expenditure and senior personnel appointments. The executive directors and senior management meet regularly to consider operational matters.
The audit committee consists of James Newman and David Gammon. The audit committee meets at least twice a year and will be responsible for ensuring that the financial performance, position and prospects of the Company are properly monitored and reported on, and for meeting the auditors and reviewing their reports relating to accounts and internal controls.
The remuneration committee consists of Peter Kennedy, James Newman and David Gammon. The remuneration committee reviews the performance of executive directors and set the scale and structure of their remuneration and the basis of their service agreements with due regard to the interests of shareholders. The remuneration committee also determines the payment of bonuses to executive directors and the allocation of share options to employees.
The Company has adopted a dealing code for all directors and employees in terms no less exacting than the Model Code for Directors' Dealings as set out in the Listing Rules of the UK Listing Authority and will take all reasonable steps to ensure compliance by the Board and any relevant employees.