On 29 January 2009, the Board of Directors constituted an Audit Committee, a Nominations Committee and a Remuneration Committee in addition to the General Purposes Committee.

Audit Committee

The Audit Committee has held four meetings to consider Audit Committee business. The Audit Committee consists of all three non-executive Directors. The Executive Directors are invited to attend Audit Committee meetings but at least two meetings are held each year with the external auditor at which the Executive Directors are not present.

Audit Committee Terms of reference

Nominations Committee

The Nominations Committee, which comprises all the non-executive Directors and Paul Scott, monitors the composition of the Board and recommends the appointment of new Directors. The Nominations Committee, with all Directors present, has held two meetings during the year to discuss nomination matters.

Nominations Committee Terms of reference

Remuneration Committee

The Remuneration Committee is chaired by D A Brown and comprises D M Forbes and J Bishop. The Committee held three meetings during the financial year to discuss remuneration 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.