Corporate Governance

The directors acknowledge the importance of the revised Combined Code issued by the Financial Reporting Council (2003 FRC Code) in July 2003 and intend to apply the Code as appropriate to the Company given its size and nature.

A remuneration committee has been established and is comprised of the non-executive directors. It reviews the performance of executive directors and senior executives and recommends the scale and structure of their remuneration and reviews the basis of their service agreements with due regard to the interests of shareholders. No director participates in decisions concerning his own remuneration.
An audit committee has been established and comprises the non-executive directors.