The Group is committed to applying the highest principles of corporate governance commensurate with its size. During the year, the Group adopted the Quoted Company Alliance (QCA) Corporate Governance Guidelines for AIM companies as published in July 2005.
The Group will hold Board meetings on a regular basis. The Board is responsible for formulating, reviewing and approving the Group's strategy, budgets, major items of capital expenditure and acquisitions. The Board has established and will maintain from Admission the following committees having the following roles within the Group:
- Audit Committee - This has primary responsibility for monitoring the quality of internal control, for ensuring that the financial performance of the Group is properly measured and reported on and for reviewing reports from the Group's auditors relating to the Group's accounting and internal controls.
View Terms of Reference.
- The Remuneration Committee - This will determine the terms and conditions of service of the Directors, including their remuneration payable and the grant of options to executive directors under the Group's share option schemes.
- Nominations Committee - This will discuss and propose the appointment of suitable Directors.
The company commenced paying dividends in 2007. It is the board's intention to continue paying dividends when appropriate and subject to shareholder approval.
Securities Dealing Policy
In order to comply with its obligations under the Market Abuse Regulation, the Group Board has introduced a policy and a set of procedures for securities dealing. This is set out in the following documents: