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Corporate Governance

Responsibilities of the Members of the Board of Directors

The Board is responsible for the overall management of the group including the formulation and approval of the group's long term objectives and strategy, the approval of budgets, the oversight of the group's operations, the maintenance of sound internal control and risk management systems and the implementation of group strategy, policies and plans. Whilst the Board may delegate specific responsibilities, there is a formal schedule of matters specifically reserved for decision by the Board; such reserved matters include, amongst other things, approval of significant capital expenditure, material business contracts and major corporate transactions. The Board meets formally on a regular basis to review performance.

Audit Committee

A minimum of two non-executive directors

The Audit Committee is primarily responsible for ensuring that the financial performance of the company is properly measured and reported on for reviewing reports from auditors relating to the company's accounting and internal controls and for reviewing the effectiveness of the company's systems of internal control.

Remuneration Committee

A minimum of two non-executive directors

The Remuneration Committee is primarily responsible for monitoring and approving all elements of the executive directors' remuneration, as well as their performance management.

Nomination Committee

A minimum of two non-executive directors

The Nomination Committee is primarily responsible appointing new board members.

Risk Committee

A minimum of two non-executive directors

The purpose of the Risk Management Committee (the “Committee”) is to identify, assess, monitor and manage risk. The Committee is to oversee, report and make recommendations to the Board in respect of financial and non-financial risks faced by the Company.

Corporate Governance Guide

1pm follows the QCA corporate governance guidelines, please refer to the Quoted Companies Alliance website for further details.

 

The Directors acknowledge the principles set out in the Combined Code issued by the committee on Corporate Governance (the “Code”), although the Company does not comply with the Code. The Board are committed to maintaining a high level of corporate governance in so far as it considered to be appropriate for a smaller quoted (AIM-listed) company.

The above information has been disclosed pursuant to Rule 26 of the AIM Rules for Companies.
Information last updated 09/10/2017.