Investor relations & Rule 26
Corporate governance
Summary of committee responsibilities
The Board, which currently comprises two directors, meets at least six times a year and is responsible for overall Group strategy and all significant financial and operational matters. The Group’s policies, procedures and delegated authority limits are formally documented. Representatives of senior management attend the Board meetings by invitation as appropriate.
To enable the Board to discharge its duties, the directors receive appropriate and timely information. In particular briefing papers are distributed to directors by the company secretary in advance of Board meetings. The directors are aware that, in furtherance of their duties as directors, they may take independent professional advice at the Group’s expense.
Appointments to the Board are considered by the whole Board. Under the terms of the Articles of Association, directors are required to submit themselves for re-election at the first Annual General Meeting following their appointment and one third of all directors retire by rotation at each Annual General Meeting. As there are currently only two directors, the directors retire alternately each year.
In view of the current size of the Board, the duties and responsibilities of the remuneration and audit sub-committees have been assumed by the Board as a whole. The Board expects this situation to continue for the foreseeable future until development of the business gives rise to the appointment of one or more additional directors.