Investor Relations

Audit Committee

The members of the Audit Committee are:

Michael Gatenby (Chairman of the Audit Committee)
Paul Ranson
Andrew Smith

The external auditors attend the meetings to discuss the planning and conclusions of their audits and reviews. The Chief Executive and Finance Director attend by invitation. The Company Secretary attends as secretary to the meeting and ensures that the meetings are properly recorded.

The Audit Committee meets at least twice a year, linked to the timing of the publication of the Group's results. The Audit Committee will also meets on an ad hoc basis when necessary.

The Audit Committee operates within specific terms of reference which include:

considering the appointment of external auditors

reviewing the relationship with external auditors

reviewing the financial reporting and internal control procedures

reviewing the management of financial matters and focusing upon the independence and objectivity of the external auditors

reviewing the consistency of accounting policies both on a year to year basis and across the Group

The Audit Committee is able to call for information from the management committee and consults with the external auditors directly if they require to do so.