The Board of Directors has established an audit committee with formally delegated duties and responsibilities. The audit committee is chaired by Sir Peter Williams and its other member is Graeme Speirs.
The audit committee will meet at least twice a year and will be responsible for ensuring that the financial performance of the Company is properly reported on and monitored, including reviews of the annual and interim accounts, results announcements, internal control systems and procedures and accounting policies.
The remuneration committee is chaired by Jerel Whittingham and its other member is Lawrence Kinet. It is expected to meet not less than two times a year. Executive Directors may attend meetings at the Committee's invitation.
The remuneration committee has responsibility for recommending, within agreed terms of reference, the Group's policy on the remuneration of senior executives and specific remuneration packages for executive directors, including pension rights and compensation payments. It is also responsible for making recommendations for grants of options under the Share Options (LTIP) Plan.
The Board as a whole is responsible for approving recommendations made by the remuneration committee. The remuneration of non-executive directors is a matter for the Board. No Director may be involved in any discussions as to their own remuneration.