The Directors recognise the importance of sound corporate governance and intend to comply with the Quoted Companies Alliance's Corporate Guidelines for AIM Companies.
In particular, the Directors are responsible for overseeing the effectiveness of the internal controls of the Company designed to ensure that proper accounting records are maintained, that the financial information on which business decisions are made and which is issued for publication is reliable and that the assets of the Company are safeguarded.
The Board has established an audit committee with formally delegated duties and responsibilities, comprising not less than two offshore Directors. The audit committee meets at least twice a year and is responsible for ensuring that the financial performance of the Company is properly reported on and monitored, including reviews of the annual and interim accounts, results announcements, internal control systems and procedures and accounting policies.
The Board will also establish remuneration, management engagement and nomination committees with formally delegated duties and responsibilities, comprising not less than two offshore Directors. The role of the committees will be, inter alia, to monitor and review with the Board the performance of the Manager, the terms of the Management Agreement and the framework for the remuneration of the Directors, if applicable.