Audit Committee

The Audit Committee comprises Paul Mc Groary (chairman), Peter Ruxton, Nigel Clark and Michael Short.

The Audit Committee meets at least twice a year and has an agenda linked to events in the Group's financial calendar, including a review of the Company's annual and half yearly results, the review of the internal controls of the Group and ensuring that the financial performance of the Group is properly reported and monitored. The Audit Committee is responsible, inter alia, for:

• considering the appointment of the auditors of the Group, their fees, any questions of or relating to their resignation or removal and their objectivity and independence in the conduct of the audit, and reviewing the nature and extent of non-auditing services provided by the auditors, seeking to balance the maintenance of objectivity and value for money;


• discussing with the auditors before the audit commences the nature and scope of the audit and reviewing the audit process;


• monitoring the integrity of the financial statements of the Company and any formal announcements relating to the Company's financial performance, reviewing significant financial reporting judgments contained in them, including reviewing the half-yearly and annual financial statements before submission to the Board;


• reviewing the Company's internal control systems; and


• considering such other matters as the Board may from time to time refer to it.

The Audit Committee is required to report its findings to the Board and identifying any matters in respect of which it considers that action or improvement is needed.