Corporate Governance

Board of Directors’ Responsibilities

The Board is committed to creating value for shareholders; determining strategy, investment policy; approving significant items of expenditure; and considering significant financing and legal matters.

The company is not obliged to adopt the Combined Code of Corporate Governance, but it has voluntarily adopted all of its recommendations except for the following matters:

The Board comprises one non-executive director and three executive directors. The Board is of the opinion that the size and structure of the company does not warrant the cost of appointing additional non-executive or executive directors at this stage in the company’s development. There is an independent element on the Board. The non-executive director does not have a fixed term contract and offers himself for re-election by the shareholders at least every two years.

Committees’ Responsibilities

The Board does not consider a separate remuneration committee to be economically justified. Since the whole Board takes responsibility for the appointment of, and receiving reports from auditors, a separate committee is not considered to be economically justified.