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 has held four meetings to consider matters within its terms of reference as set out in its report. 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

Nomination Committee

The Nomination Committee, which comprises all the Non-executive Directors, monitors the composition of the Board and recommends the appointment of new Directors. The Nomination Committee has held two meetings during the year.

Nominations Committee Terms of reference

Remuneration Committee

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. The Remuneration Committee has held four meetings in the year.

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.