Audit Committee
The Audit Committee assists the Board in discharging its responsibilities with regard to financial reporting, external and internal audits and controls, including reviewing the Company's annual financial statements, reviewing and monitoring the extent of the non audit work undertaken by external auditors, advising on the appointment of external auditors and reviewing the effectiveness of the Company's internal audit activities, internal controls and risk management systems. The ultimate responsibility for reviewing and approving the annual report and accounts and the half yearly reports remains with the Board.
The Combined Code recommends that the audit committee should comprise of at least three members who should all be independent non executive directors, and that at least one member should have recent and relevant financial experience.
The membership of the Company's Audit Committee comprises four independent Non Executive Directors (namely, Lord Peter Daresbury, David Netherway and Toktarkhan Kozhagapanov). Steve Oke is considered by the Board to have recent and relevant financial experience. The Chairman of the Audit Committee is Steve Oke. The Company therefore considers that it complies with the Combined Code recommendations regarding the composition of the Audit Committee.
The Audit Committee meets formally at least three times a year and otherwise as required.