The Board has established a number of committees, each with defined terms of reference, procedures, responsibilities and powers. The minutes of committee meetings are normally sent to all directors and verbal updates are given at Board meetings.
The audit committee is made up of Mike Liston, Dr Malcolm Kennedy and Nigel Le Quesne and is chaired by Nigel Le Quesne. The audit committee met twice during the year to consider the annual and interim financial statements and is charged with monitoring the adequacy and effectiveness of the systems of internal control and risk assurance function, reviewing the scope and results of the work carried out by external auditors and reviewing the financial statements and related policies and assumptions. The scope of the non-audit services provided are reviewed by the audit committee before engagement of the services. The terms of reference of the audit committee will be available for inspection at the AGM.
The nomination and remuneration committee is made up of Nigel Le Quesne, Nigel Syvret and Dr Malcolm Kennedy and is chaired by Dr Malcolm Kennedy. The committee met 3 times during the year and keeps under review the composition of the board and makes recommendations to the board concerning appointments.