The principal committees established by the directors are:

Audit and Risk Committee

This committee comprises the two non-executive directors and is chaired by A N Jones. It provides effective governance around financial reporting and ensures the integrity of its financial statements. The committee reviews the appropriate accounting policies, monitors internal financial controls, looks at financial risk management and monitors the performance of the external auditor.

Terms of reference of Audit and Risk Committee

Remuneration Committee

This committee comprises the two non-executive directors and is chaired by A K Eastgate. The committee ensures that a policy exists for the remuneration of the executive directors that is fair, attracts key executives and rewards progress against the group's business strategy.

Terms of reference of Remuneration Committee

Nomination Committee

This committee comprises the two non-executive directors and is chaired by A K Eastgate. It is responsible for evaluating the composition of the board and the committees. The committee looks closely at succession planning for executive and non-executive directors and senior management.

Terms of reference of Nomination Committee