Corporate Governance

The Board

The Company's board of directors ("the Board") meets regularly throughout the year to review operational matters, as well as corporate strategy, investment projects and financial planning.

Matters specifically reserved for the attention of the Board include:

• Approval of financial statements, dividends and significant changes in accounting policy;
• Monitoring operational and financial progress;
• Stock Exchange related issues including the approval of communications to the Stock Exchange and communications with shareholders;
• Group strategy, corporate activity and the investor relations programme;
• Financial matters including the approval of the budget and financial plans, changes to the Group's capital structure and capital expenditure, investment finance facilities, performance against banking covenants; and
• Health and safety policy, risk management and regulatory compliance.

In addition to the regular programme of Board meetings, the Chairman meets separately with the non-executive directors.

Risk Assessment

The Board takes proper account of the relevant governance regulations and best practice in formulating the systems and procedures in operation in the Group. Reporting to the Board, the Audit Committee periodically reviews the risk profile of the business to identify any deficiencies in the controls operating over all aspects of the Group. The Board will require further risk assessments during the year, should the need arise. The risk assessment will incorporate a review of the Company's internal controls, taking into consideration the findings and recommendations of the Auditors.