Corporate Governance Statement

The Board is responsible to shareholders for the proper management of the Group and meets on a regular basis to set the overall direction and strategy of the Group, to review trading performance and to advise on senior management appointments. Financial policy and budgets, including capital expenditure, are approved and monitored by the Board. Key operational decisions are subject to Board approval. The Company Secretary is responsible for ensuring that Board procedures are followed and that applicable rules and regulations are complied with. All matters to be discussed at Board Meetings are formally advised to Board members in advance thereby ensuring that the Board is properly informed to enable it to discharge its duties. Specific powers and authorities are delegated to executive management and to the various Board committees.