The Board comprises a non-executive Chairman, four executive directors and three non-executive directors. The Company does not combine the role of chairman and chief executive.
The Board meets regularly to review not only the current state of the business but also to determine its future strategic direction. The Board has a formal schedule of matters specifically reserved for its decision. The Board meets at least ten times each year.
- The Audit and Remuneration and Nomination Committees consist exclusively of non-executive directors
- The Audit and Remuneration and Nomination Committees have formally delegated duties and responsibilities
The Audit Committee receives and reviews reports from management and the Company’s auditors relating to the annual and interim accounts and the accounting and internal control systems in use throughout the Group. The Audit Committee have unrestricted access to the Company’s auditors.
The Remuneration and Nomination Committee reviews the scale and structure of the executive directors’ remuneration and the terms of their contracts. The remuneration and terms and conditions of appointment of the non-executive directors are set by the Board. The committee also administers the Share Option Schemes and is responsible for approval of senior appointments.