Governance

The Board recognises the value of good governance and complies with the provisions of the UK Corporate Governance Code so far as is practicable for a company of its size, stage of development and nature as a company whose securities are traded on AIM. In any event, the Board complies with the provisions of the QCA Guidelines.

The Board is responsible, among other things, for strategy, budget, performance, approval of major capital expenditure and the framework of internal controls.

The Company has established an audit committee, comprising Colin Nicholl, Peter Selway and James Ramage. The audit committee is chaired by Mr Nicholl and meets at least twice each year. The audit committee’s responsibilities include ensuring the appropriate financial reporting procedures are properly maintained and reported on, and for meeting with the Company’s auditors and reviewing their reports and accounts and the Company’s internal controls.

The Company has established a remuneration committee, comprising Colin Nicholl, Peter Selway and James Ramage. The remuneration committee is chaired by Mr Selway and meets at least twice each year. The remuneration committee’s responsibilities include reviewing the performance of the executive Directors, setting their remuneration levels, determining the payment of bonuses and considering the grant of options under the share option schemes.

In view of the size of the Board, the responsibility for proposing and considering candidates for appointment to the Board continues to be retained by the Board.