The Company is not required to comply with the UK Corporate Governance Code, which is applicable to all companies whose securities are admitted to trading to the premium segment of the Official list.
Nevertheless, the Directors are committed to maintaining high standards of corporate governance and propose, so far as is practicable given the Company’s size and nature, to voluntarily adopt and comply with the certain aspects of the QCA Code. At present, due to the size of the Company, the Directors acknowledge that adherence to certain provisions of the QCA Code may be delayed until such time as the Directors adopt them. In particular, action will be required in the following areas:
given the Company’s size, it currently does not have a remuneration committee or a nominations committee established and the appointments to such committees will be revisited in the future along with the incorporation of terms of reference for them; and
due to the size of the Company, it has not yet developed a corporate and social responsibility policy, which will be put in place at the appropriate time.
The Company shall continue to demonstrate adherence to the QCA Code, by continuing to hold timely board meetings as issues arise which require the attention of the Board. The Company will report to its shareholders as to its compliance with the QCA Code on an ongoing basis and will publish an updated Corporate Governance statement from time to time.
The Company has adopted a share dealing code that complies with the requirements of the Market Abuse Regulation. All persons discharging management responsibilities (comprising only the Directors and Senior Management at the date of this Document) shall comply with the share dealing code from the date of Admission.
The Board has established an Audit Committee with formally delegated duties and responsibilities. The Audit Committee is chaired by David Lenigas and its other member is Adrian Moroz. The Audit Committee will meet at least four times a year and is responsible for ensuring the financial performance of the Company is properly reported on and monitored, including reviews of the annual and interim accounts, results announcements, internal control systems and procedures and accounting policies, as well as keeping under review the categorisation, monitoring and overall effectiveness of the Company’s risk assessment and internal control processes.
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