Information of the Audit, Nomination and Remuneration Committees (together with membership of those committees). (Last updated 02/10/2017)
The Audit Committee comprises the non-executive directors, it is chaired by R Linford and meets at least twice a year. The Committee provides a forum for reporting by the Group’s external auditor. Meetings are also attended, by invitation, by the executive director. The primary role of the Audit Committee is to:
- maintain the integrity of the financial statements and other formal announcements relating to the Group’s financial performance, reviewing significant financial reporting judgements contained in them;
- review the controls that are in force to maintain the integrity of the financial information reported to shareholders;
- review the effectiveness of the Group’s systems of internal control and risk management systems in place including, but not limited to, the financial reporting process;
- to develop and implement policy on the engagement of the Group’s external auditor to supply non-audit services;
- maintain an appropriate relationship with the Group’s external auditors; and
- review the effectiveness, scope and objectivity of the audit process; and
- to report to the Board on any matters for which it considers that action or improvement is needed and make recommendations as to the steps to be taken;
- report to the Board on how it has discharged its responsibilities
The Remuneration Committee is chaired by Charmaine Eggberry and comprises the non-executive directors and meets at least twice a year. The Remuneration Committee’s role is to recommend to the Board the remuneration strategy and framework for the executive director and senior managers, including the performance-related bonus scheme.
The Nomination Committee is chaired by David Rasche and comprises the whole Board and meets as and when it is necessary to do so. The Committee’s role is to ensure that appropriate procedures are in place for the nomination and selection of candidates for appointment to the Board, having regard to the balance and structure of the Board. The Committee also makes recommendations to the Board regarding the re-election of directors, succession planning and Board composition.
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