The Board is committed to the highest standards of corporate governance. As of the date of this Prospectus and on and following Admission, the Board will comply with the UK Corporate Governance Code (the “Governance Code”) published by the Financial Reporting Council except as set out below. As envisaged by the Governance Code, the Board has established an audit committee, a nomination committee and a remuneration committee. The Board has also established a risk committee and, if the need should arise, may set up, additional committees as appropriate.
The Governance Code recommends that at least half the board of directors of a UK-listed company, excluding the Chair, should comprise non-executive directors determined by the board to be independent in character and judgment and free from relationships or circumstances which may affect, or could appear to affect, the director’s judgment.
The Board considers its Independent Acting Chair and one Independent Non-Executive Director to bring strong judgment and considerable knowledge and experience to the Board’s deliberations.Schedule of Matters Reserved for the Board
The Governance Code recommends that the Audit Committee should comprise at least three members who are Independent Non-Executive Directors and should include one member with recent and relevant financial experience, and that the Audit Committee as a whole should have competence relevant to the sector in which the Company operates. Due to the reduced size of the Board since the commencement of wind down, the membership of the Audit Committee does not currently meet the standards set out in the Governance Code.
The Audit Committee comprises two members and is Chaired by Michael Bartholomeusz. The other member of the Committee is Jonathan Roe, a Non-Executive Director and Chair of the Company.
The Audit Committee meets at least three times a year at appropriate intervals to coincide with key dates in the financial reporting and audit cycle and at such other times as required.
The Audit Committee’s responsibilities include monitoring and reviewing the Group’s accounting procedures and internal financial controls (including the effectiveness of the internal audit provider); reviewing the effectiveness of the external audit process and making recommendations to the Board concerning the appointment, re-appointment and removal of the external auditor; considering the independence and objectivity of the external auditors; and reviewing and monitoring the content and integrity of the annual financial statements and any formal announcements relating to the Company’s financial performance before submission to the Board for approval. As the process of wind down continues it is anticipated that the Audit and Risk Committees were merge their respective activities.Terms of Reference
The Governance Code recommends that the Remuneration Committee should comprise at least three members who are Independent Non-Executive Directors and that the Chair of the Company may be a member of, but not chair, the committee if he or she was considered independent on appointment as Chair. Due to the reduced size of the Board since the commencement of wind down, the membership of the Remuneration Committee does not currently meet the standards set out in the Governance Code.
The Chair for the Remuneration Committee is Jonathan Roe, the Chair of the Company. The other member of the Committee is Michael Bartholomeusz, a Non-Executive Director.
The Remuneration Committee meets at least twice per year. Its responsibilities include advising the Board on developing an overall remuneration policy, including, amongst other things, setting the remuneration of the Group’s senior executives. The Remuneration Committee also has responsibility for the design of performance-related remuneration for senior management, including reviewing and proposing changes to share option schemes, bonus schemes and long-term incentive schemes. The Remuneration Committee makes recommendations to the Board where action or improvement is deemed appropriate within its areas of remit.Terms of Reference
The Governance Code recommends that the majority of the members of the Nomination Committee should be Independent Non-Executive Directors. The Nomination Committee comprises all Non-Executive Directors. Jonathan Roe chairs the Nomination Committee.
The Nomination Committee meets at least twice per year. Its responsibilities include reviewing and proposing changes to the structure, size and composition of the Board (including the skills, knowledge, independence, experience and diversity of its members). It is also responsible for, amongst other things, giving consideration to succession planning for the Directors and other senior executives. The Nomination Committee is also responsible for identifying and nominating candidates to fill Board vacancies as and when they arise, and to keep up to date and fully informed about strategic issues and commercial changes affecting the Group and the markets in which it operates, so as to best advise on the Group’s leadership needs.Terms of Reference
The Chair of the Risk Committee is Michael Bartholomeusz. The other member of the Risk Committee is the other Non-Executive Director.
The Risk Committee meets at least four times per year. Its responsibilities include advising the Board on the Group’s overall risk appetite, tolerance and strategy and the risk exposures of the Group, reviewing reports from management and reviewing the Group’s risk assessment processes and procedures, internal controls, litigation reports and disaster recovery plans, among other matters, before reporting to the Board. As the process of wind down continues it is anticipated that the Audit and Risk Committees were merge their respective activities.Terms of Reference
Share Dealing Code
The Company has adopted, with effect from Admission, a code of securities dealings in relation to the Shares which is based on the requirements of the Market Abuse Regulation. The code adopted will apply to the Directors and other relevant employees of the Group.