The Board recognises the importance of sound corporate governance and seeks to comply with the Quoted Companies Alliance’s Corporate Governance Code (the “QCA Code”). The full Corporate Governance Statement can be found by clicking here.
The Board of Directors comprises two executive directors and one non-executive director. The executive directors Antony Legge and John Richardson are not considered to be independent. The Board has determined that the non-executive director Richard Clarke is independent.
The Board has established an audit committee and a remuneration committee, with formally delegated duties and responsibilities and each with written terms of reference.
Audit and Compliance Committee
The Audit and Compliance Committee is chaired by Richard Clarke with Antony Legge and John Richardson as members. The Audit and Compliance Committee is expected to meet at least four times a year and otherwise as required. A non-executive director must be present at the meeting to form a quorum. It has responsibility for ensuring that the financial performance of the Company is properly reported on and reviewed, and its role includes monitoring the integrity of the financial statements of the Company (including annual and interim accounts and results announcements), reviewing internal control and risk management systems, reviewing any changes to accounting policies, reviewing and monitoring the extent of the non-audit services undertaken by external auditors and advising on the appointment of external auditors. The Audit Committee will have unrestricted access to the Company’s external auditors.
The Remuneration Committee is chaired by Antony Legge with Richard Clarke a member. It is expected to meet not less than twice a year and at such other times as required. A non-executive director must be present at the meeting to form a quorum. The Remuneration Committee has responsibility for determining, within the agreed terms of reference, the Company’s policy on the remuneration packages of the Company’s chief executive, the chairman, the executive and non-executive directors, the Company secretary and other senior executives. The Remuneration Committee also has responsibility for: (i) recommending to the Board a compensation policy for directors and executives and monitoring its implementation; (ii) approving and recommending to the Board and the Company’s shareholders, the total individual remuneration package of the chairman, each executive and non-executive director and the chief executive officer (including bonuses, incentive payments and share options or other share awards); and (iii) approving and recommending to the Board the total individual remuneration package of the Company Secretary and all other senior executives (including bonuses, incentive payments and share options or other share awards), in each case within the terms of the Company’s remuneration policy and in consultation with the chairman of the Board and/or the chief executive officer. No Director or manager may be involved in any discussions as to their own remuneration.
Share Dealing Code
The Company has adopted a share dealing code for dealings in the Company’s securities by Directors or applicable employees which conforms with the requirements of the AIM Rules for Companies (“Share Dealing Code”), in particular relating to dealing during close periods in accordance with Rule 21 of the AIM Rules. The Company will take all reasonable steps to ensure compliance by the Board and any relevant “applicable employees” (as defined in the AIM Rules for Companies) with such code.
Market Abuse Regulations (“MAR”)
The Board confirms that the Company will take all reasonable steps to ensure compliance with the Market Abuse Regulations.
Anti-bribery and corruption policy
The Company has implemented an anti-bribery and corruption policy and also implemented appropriate procedures to ensure that the Board, employees and consultants comply with the UK Bribery Act 2010.
Takeovers and Mergers
The Company is subject to the UK City Code on Takeovers and Mergers.