Committees

The Directors have established an audit committee, a nomination committee and a remuneration committee. The remuneration committee will determine the terms and conditions of service, including the remuneration and grant of options to executive Directors. The Remuneration committee comprises of Mark McMenemy (Chairman), Gordon Smith and Richard Arckle.

The audit committee has primary responsibility for monitoring the quality of internal financial controls and ensuring that the financial performance of the Company is properly measured and reported on, and for reviewing reports from the Company’s auditors relating to the Company’s accounting and internal controls. Richard Arckle (chairman) and Mark McMenemy are on the audit committee. The nomination committee, the members are Mark McMenemy (chairman), Richard Arckleand and Gordon Smith, has primary responsibility for providing a formal, rigorous and transparent procedure for the appointment of new directors to the Board.