The Directors recognise the importance of sound corporate governance and confirm that the Group is complying with the QCA Corporate Governance Code (as devised by the QCA in consultation with a number of significant institutional small company investors). The QCA Code is constructed around ten broad principles and a set of disclosures. The QCA has stated what it considers to be appropriate arrangements for growing companies and asks companies to provide an explanation about how they are meeting the principles through the prescribed disclosures. The Directors have explained how each principle is applied in the document below. The Directors consider that the Group does not depart from any of the principles of the QCA Code.
The Board comprises the non-executive chairman, who was independent at the time of appointment, three executive directors and three other non-executive directors. Of the non-executive directors, the Board considers two to be independent.
The Board hold regular meetings and is responsible for formulating, reviewing and approving the Group’s strategy, budgets, and corporate actions and overseeing the Group’s progress towards its goals. It has established audit and remuneration committees with formally delegated duties and responsibilities and with written terms of reference.
The Board has set out in the Corporate Government Statement available below how it has applied the QCA Code.
Corporate Governance Statement