Corporate Governance

Although no corporate governance code has been formally adopted by the Company, the Directors recognise the importance of sound corporate governance and have regard to the principles of the UK Corporate Governance Code to the extent that they consider them to be appropriate for the Group’s size.

The Board

The board comprises three executive directors and three non-executive directors.

Audit Committee

The Board has established an audit committee with formally delegated duties and responsibilities. The audit committee comprises the non–executive Directors and currently has Kevin Milne as its Chairman. The committee meets at least twice in each financial year.

Remuneration Committee

The remuneration committee meets as and when required. The remuneration committee comprises the non-executive Directors, although it is the intention to appoint more members in due course, currently Kevin Milne is its Chairman.

The policy of the committee is to reward executive Directors in line with the current remuneration of directors in comparable businesses in order to recruit, motivate and retain high quality executives within a competitive market place.

Nominations Committee

The Directors do not consider that, given the size of the Board, it is appropriate at this stage to have a nominations committee. However, this will be kept under regular review by the Board.

The UK Takeover Code applies to the Company

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