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Corporate governance

Although not required, the Directors have decided to provide limited corporate governance disclosures based on certain of the disclosures required of a listed company. As an AIM listed company, there is no requirement to comply with the Combined Code, issued by the Financial Reporting Council in June 2006. However, the Directors recognise the value of the provisions set out in the Combined Code and have decided to provide corporate governance disclosures based on the disclosures required of a fully listed company.

The Board has established an Audit Committee, a Nominations Committee and a Remuneration Committee, each with formally delegated duties and responsibilities. The Audit Committee is comprised of Moira Black (Chairman), Clive Morton and Barclay Forrest. The Remuneration Committee is comprised of Barclay Forrest (Chariman), Lord Oxburgh and Clive Morton. The Nominations Committee is comprised of Lord Oxburgh (Chairman), Barclay Forrest and Clive Morton.

The Audit Committee receives and reviews reports from management and the Company's auditors relating to the interim and annual financial statements and the accounting and internal control systems in use throughout the Company. The Audit Committee has unrestricted access to the Company's audtiors.

The Remuneration Committee receives and reviews the scale and structure of the Executive Directors' remuneration and the terms of their service contracts. The remuneration and terms and conditions of appointment of the Non-Executive Directors are set by the Board. The Remuneration Committee also administers the Group's share option scheme.

The Nominations Committee meets as required to consider and make recommendations on the appointment of Directors to the Board.