Corporate Governance

The Company is listed on the Alternative Investment Market (AIM) and is required to comply with the requirements of “AIM Rules for Companies – January 2018”, issued by the London Stock Exchange. The Board is committed to ensuring high standards of corporate governance and, in recognition of best practice, goes beyond these rules to meet the provisions of the UK Corporate Governance Code in a number of areas.

The Board comprises a Non-Executive Chairman, Chief Executive Officer, Chief Financial Officer and three Non-Executive Directors. The Board considers that its composition, including the balance between Executive and Non-Executive Directors, is appropriate in view of the size and requirements of the Group’s business and the need to maintain a practical balance between Executive and Non-Executive Directors.

The Group has an Audit Committee and a Remuneration Committee. These committees consist of Non-Executive Directors. They have written constitutions and terms of reference.

The Audit Committee’s role is to assist the Board with the discharge of its responsibilities in relation to internal controls and external audits particularly with respect to the integrity, reliability and transparency of published financial information. The Audit Committee has formal meetings prior to the publication of the interim and final results and additional meetings on an ad hoc basis. The auditors attend the Audit Committee meeting prior to the publication of the final results. All members of the Audit Committee have directorship experience of other publicly-quoted companies either currently or in the recent past.

The Remuneration Committee determines the remuneration of senior executives. Levels of remuneration are set in order to attract and retain the senior executives needed to run the Company based on objective comparable market data. In addition, the Remuneration Committee provides guidance and direction into all major compensation-related policy decisions by the Group.

The Board recognises its overall responsibility for the Group’s system of internal control and for monitoring its effectiveness. All activity is organised within a defined structure with formal lines of responsibility and delegation of authority. The Group produces information packs regularly. These packs, together with annual budgets, enable the Board to monitor the operational performance and cash position each month and allocate the Group’s resources.