The committee meets at least twice a year to examine and consider matters relating to the affairs of the Group.
These matters include but are not restricted to:
- A review of the Group´s Annual Report;
- A review of the internal financial control procedures;
- Compliance with accounting standards and generally accepted
accounting principles; and
- Fees and objectivity of the Group´s Auditor and other external
The Board meets on a monthly basis. It has adopted a formal schedule of matters that are specifically reserved to it for decision.
All directors bring an independent judgment to bear on issues of strategy, performance, resources, including key appointments and standards of conduct.
All directors have access to the advice and services of the Company Secretary, who is responsible for ensuring that Board procedures and applicable rules and regulations are observed. The directors are able to seek independent professional advice, if necessary, at the Group´s expense.
All directors are required to submit themselves for re-election every three years.
The directors are responsible for the Group´s system of internal controls, which are designed to meet the Group´s particular needs and aims to safeguard Group assets, ensure that proper accounting records are maintained and that the financial information used within the business and for publication is reliable. Such systems are designed to manage the business objectives and can only provide reasonable, but not absolute assurance against material misstatement and loss.
There is an ongoing process for identifying and managing the Group´s significant risks. This process is regularly reviewed by the Board and is in accordance with best practice for internal controls.
There is a clearly identifiable organisational structure and a framework of delegated authority approved by the Board within which individual responsibilities of senior executives of Group companies are identified and can be monitored.