The Board acknowledges its responsibility for the Group’s systems of internal financial and other controls. These are designed to give reasonable, though not absolute, assurance as the reliability of information, the maintenance of proper accounting records, the safeguarding of assets against unauthorised use or disposition and that the Group’s businesses are being operated with appropriate awareness of the operational risks to which they are exposed. The Directors have established an organisational structure with clear lines of responsibility and delegated authority. The systems include:
The Board has established the following committees:
Audit CommitteeThe Audit Committee, which consists of the two Non-Executive Directors and is chaired by J Edwards, has specific terms of reference and meets with the auditors at least twice a year. The Committee reviews the financial statements prior to their recommendation to the Board for approval and assists the Board in ensuring that appropriate accounting policies, internal financial controls and compliance procedures are in place.
Remuneration CommitteeThe Remuneration Committee, which consists of the Non-Executive Directors and is chaired by J Cohen, is responsible for determining the remuneration arrangements of the Executive Directors and for advising the Board on the Company’s remuneration policy for senior executives.
Nomination CommitteeThe Nominations Committee consists of the Non-Executive Directors and chaired by the Executive Chairman, is responsible for reviewing the structure, size and composition of the Board and its Committees and evaluating potential candidates for nomination when and if it is deemed necessary to appoint a new Director to the Board. The Committee makes its recommendations to the full Board for its consideration and approval.