The Board has three committees which provide strategic guidance to the Company.
The Remuneration and Nominations Committee meets at least four times each year. The Remuneration and Nominations Committee makes recommendations to the Board on remuneration of executives and Directors. This Committee considers the appropriate remuneration levels for Board members themselves and makes recommendations to the Board and, if necessary, the shareholders.
The Audit Committee meets at least four times each year and otherwise as directed by the Board. External auditors are invited to attend when appropriate. The Audit Committee assists the Board in fulfilling its corporate governance and oversight responsibilities with relation to financial reporting, accounting policies, internal control systems, external audit functions and the company’s process for managing compliance with laws and regulations.
The Committee reviews the half yearly accounts and annual financial statements and makes recommendations to the Board on a variety of issues including the quality and acceptability of the Company’s accounting policies, practices and financial reporting disclosures. Among other things the Committee also reviews the Company’s internal control systems.
The Finance and Risk Committee meets at least three times each year. The Committee assists the Board to review policies, processes, practices and reporting systems covering all aspects of the Group’s exposure to business and financial risks, except those specifically assigned to other Board committees.