Audit committee

The Board considers that the accuracy and integrity of the Group’s financial reporting systems and statements, and the effectiveness of its risk management and internal control systems, are crucial to the business and to its ability to measure and sustain or improve our performance in line with the company’s strategic objectives.

The Audit Compliance Committee supports the Board in its oversight and monitoring of financial reporting, risk management and internal controls and corporate governance arrangements, testing and challenging these areas both with management and internal and external auditors as appropriate.

Safeguarding the independence of the external auditor is paramount and the Audit Committee ensures controls are in place to maintain their continued independence. The Committee advises the Board on the appointment, re-appointment and removal of the external auditor as well as the effectiveness of the audit process. As part of this work, a policy on the non-audit services of the external auditor has been established and is managed by the Committee.

The Committee also reviews the Group’s whistleblowing arrangements.

The Committee Chair reports formally to the Board on its proceedings after each meeting and makes recommendations as appropriate.

Membership

• Harold Hutchinson (Chair)
• Alistair Buchanan
• Charles Langan

Meetings are frequently attended by:

• Ian Smyth (Chief Executive Officer)
• Chris Johns (Chief Finance Officer)

The Committee regularly meets with the external auditor and without Management present.