The Directors recognise the importance of sound corporate governance and intend that the Company shall comply with the main provisions of the QCA Guidelines for AIM Companies so far as the same are appropriate for and apply to a company of the Company's size, nature and stage of development.
The Board is responsible for formulating, reviewing and approving the Company's strategy, budgets and corporate actions. Following Admission, the Company intends to hold Board meetings at least 4 times in each financial year and at other times as and when required.
The Company has established an audit committee and a remuneration committee with formally delegated duties and responsibilities.
The audit committee comprises John Goddard and Karl Van Horn, with John Goddard as Chairman. It is responsible for ensuring that the financial performance, position and prospects of the Company are properly monitored and reported on and for meeting the auditors and reviewing their reports relating to accounts and internal controls.
The remuneration committee comprises James White and David Norwood, with James White as Chairman. The Remuneration Committee reviews the performance of the Executive Directors and sets their remuneration and the payment of bonuses. The Remuneration Committee also considers the allocation of share options to directors and employees.