AIM Information
Nomination Committee
The Nomination Committee is chaired by David Straker-Smith and its other member is Dr. Franz Wimpffen. It is responsible for proposing candidates for appointment to the Board, having regard to the balance and structure of the Board. In appropriate cases, recruitment consultants will be used to assist the process. All Directors are subject to re-election at least every three years.
Remuneration Committee
The Remuneration Committee is chaired by David Straker-Smith and its other member is Dr. Franz Wimpffen. It is responsible for making recommendations to the Board, within agreed terms of reference, on the Company’s framework of Executive remuneration and its cost. The Remuneration Committee determines the contract terms, remuneration and other benefits for each of the Executive Directors, including performance related bonus schemes, pension rights and compensation payments. The Board itself determines the remuneration of the Non-executive Directors. The Remuneration Committee will be advised as necessary by a firm of remuneration consultants.
Further details of the Company’s policies on remuneration, service contracts and compensation payments are given in the Remuneration Report on pages 15 to 18. The report has been prepared by the Board following the provisions in the Combined Code.
Audit Committee
The Audit Committee is chaired by David Straker-Smith and its other member is Dr. Franz Wimpffen. It meets not less than twice annually. The Audit Committee provides a forum for reporting by the Group’s external auditors. Meetings are also attended, by invitation, by the Chief Executive and the Executive Chairman.
The Audit Committee is responsible for reviewing a wide range of matters including the half year and annual accounts on or before their submission to the Board and monitoring the controls which are in force to ensure the integrity of the information reported to the shareholders. The Audit Committee advises the Board on the appointment of external auditors and on their remuneration both for audit and non-audit work, and discusses the nature, scope and results of the audit with external auditors. The Audit Committee keeps under review the cost effectiveness and the independence and objectivity of the external auditors.
