Directors’ responsibilities and board committees
The members of the Board have a collective responsibility and legal obligation to promote the interests of the Company and are collectively responsible for defining corporate governance arrangements.
The Company has established Audit and Risk and Remuneration Committees.
Audit and Risk Committee
The Audit and Risk Committee has the primary responsibility for monitoring the quality of internal controls and ensuring that the financial performance of the Enlarged Group is properly measured and reported on. It will receive and review reports from the Company’s management and auditors relating to the interim and annual accounts and the accounting and internal control systems in use throughout the Enlarged Group.
In accordance with the requirements of the QCA Code, the Audit and Risk Committee is made up of two members, both of whom are independent Non-Executive Directors. The Audit and Risk Committee is chaired by Peter Rutter and the other member is John Murray. The Audit and Risk Committee will normally meet at least three times a year at appropriate times in the reporting and audit cycle.
The Remuneration Committee reviews the performance of the Executive Directors and senior management and makes recommendations to the Board on matters relating to their remuneration and terms of service. The Remuneration Committee is made up of two members, each of whom are independent Non-Executive Directors. The Remuneration Committee is chaired by John Murray and its other member is Peter Rutter. The Remuneration Committee will normally meet at least two times a year.