The Company is not required to report on compliance with the Combined Code on Corporate Governance.  However, the Board of Directors fully supports the principles contained in the Combined Code and have sought to generally comply with the provisions of the Code in so far as it is appropriate given the Company’s size and structure.

Directors Responsibilities

The main features of the Company’s corporate governance procedures are:

• The Board meets quarterly and brings independent judgements to bear.  It approves budgets, long term plans and significant contracts;
• The majority of the Board are non-executive directors who take an active role in Board matters concerning strategy, performance, resources, key appointments and standard of conduct; and
• The Board of Directors recognise their overall responsibility for the Company’s systems of internal control and for monitoring effectiveness.  All activity is organised within a defined structure with formal lines of responsibility and delegation of authority.  The Company produces performance information reports on a monthly basis.  These reports together with annual budgets and forecasts enable the Board to monitor operational performance and the cash position each month.

The Company is currently led and controlled by a Board consisting of one Executive Director and three non-executive Directors. The board is chaired by non-executive Director, Angel Barrachina. The non-executive Directors each have specific expertise and experience, materially enhancing knowledge and judgement.

Page last updated:
15th August 2007 at 10:48:58