Sub-committees of the board of directors and their responsibilities

The Directors recognise the value of the Combined Code. The Group endeavours to comply with the Combined Code, however, given its size and nature, it does not seek to comply with those aspects of the Combined Code which are considered to be more appropriate for a larger public company with shares admitted to the Official List. The Group seeks to follow the recommendations on corporate governance of the Quoted Companies Alliance for companies whose shares are traded on AIM.

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

Audit Committee
Nigel Wray - Chairman
Christopher Arnott

The audit committee has primary responsibility for monitoring the quality of internal control and ensuring that the financial performance of the Group is properly measured and reported on and for reviewing reports from The Group's auditors relating to its accounting and internal controls.

Remuneration Committee
Nigel Wray - Chairman
Christopher Arnott

This committee determines the terms and conditions of service of the executive directors including their remuneration and grant of options.