Our Core Values are:

• To be a good corporate citizen, demonstrating integrity in each business and community in which we operate
• To be open and honest in all our dealings, while respecting commercial and personal confidentiality
• To be objective, consistent and fair with all our stakeholders
• To respect the dignity and wellbeing of all our stakeholders and all those with whom we are involved
• To operate professionally in a performance-orientated culture and be committed to continuous improvement

In formulating the Company’s corporate governance procedures, the Board of Directors has considered the principles of good governance set out in the Revised Combined Code issued by the Financial Reporting Council in July 2003 (as appended to the Listing Rules of the Financial Services Authority).

As an AIM company there is no requirement to adopt the Combined Code. However, the Company is committed to applying the highest principles of corporate governance and has applied the recommendations of the Combined Code as far as practicable in relation to the size and stage of development of the Group.

The Board has established an audit committee and a remuneration committee, each with formally delegated duties and responsibilities.

AUDIT COMMITTEE
The Audit Committee consists of Michael Nosworthy and Stephen Roberts as chairman. The committee will meet at least three times a year, linked to the timing of the publication of the group’s results. The committee will also meet on an ad hoc basis when necessary. The external auditors may attend the meetings. The committee operates within specific terms of reference which include:

• considering the appointment of external auditors;
• reviewing the relationship with external auditors;
• reviewing the financial reporting and internal control procedures;
• reviewing the management of financial matters and focusing upon the independence and objectivity of the external auditors;
• reviewing the consistency of accounting policies both on a year to year basis and across the group.

REMUNERATION COMMITTEE
The Remuneration Committee consists of Michael Nosworthy and Stephen Roberts. The Remuneration Committee reviews and determines on behalf of the board and shareholders of the company the pay, benefits and other terms of service of the executive directors of the company and the broad pay strategy with respect to senior company employees.