On 29 January 2009, the Board of Directors constituted an Audit Committee, a Nomination Committee and a Remuneration Committee in addition to the General Purposes Committee.
Audit and Risk Committee
The Audit and Risk Committee consists of all four Non-executive Directors. The Executive Directors are invited to attend Audit and Risk Committee meetings but at least one meeting each year is held with the external auditor at which the Executive Directors are not present.
Audit Committee Terms of reference
The Nomination Committee, which comprises all the Non-executive Directors, monitors the composition of the Board and recommends the appointment of new Directors.
Nominations Committee Terms of reference
The Remuneration Committee, which comprises all the Non-executive Directors, determines and agrees with the Board the framework and policy of executive remuneration packages, including bonuses, incentive payments, share options or awards and pension arrangements.
Remuneration Committee Terms of reference
General Purposes Committee
The Board forms a General Purposes Committee from time to time as it deems necessary. This Committee comprises any two of the Executive Directors as determined by the Board to consider individual business matters, which have been specifically delegated to it by the Board.