Board Committees & Terms of Reference

There are three principal Board Committees, all of which have written terms of reference. Summaries of the terms of reference and details of the membership of committees are set out below. Only members of each Committee are entitled to attend the meetings of committees, although each Committee may invite other directors, managers and advisors to attend and have done so. Membership of Board Committees will be regularly reviewed. Given the current size of the Board, and the terms of reference, all non-executive directors are members of every Board committee. It is, however, the Board’s intention that, when the number of independent non-executive directors appointed to the Board permits, the chairman of the Remuneration Committee will not serve on the Audit Committee, and vice versa. The Board is satisfied that currently no one director exercises a disproportionate influence.