Committees & members

Role and responsibilities

The Audit Committee supports the Board in overseeing the integrity of the Group’s financial reporting, risk management and internal control framework. Its responsibilities include:

• Monitoring the integrity of the Company’s financial statements and reviewing significant financial reporting judgements
• Overseeing the effectiveness of the Group’s internal controls and risk management systems
• Managing the relationship with the external auditor, including independence and effectiveness
• Overseeing the internal audit programme
• Reviewing the Group’s arrangements for whistleblowing and the raising of concerns

Composition

The Audit Committee comprises the Non executive Directors of the Company and is chaired by Christopher Miller. The Corporate Governance Code recommends that the Chair of the Board is not a member of the Audit Committee.

Currently the Audit Committee composition is not fully compliant with the Code; Justin Dowley, Chairman, is a member, as the Board views it as beneficial to have an Audit Committee comprised of three Non-executive Directors at the current stage of the Board’s development to provide greater opportunity for effective challenge of management.

As the Group grows and additional Non-executive Directors are appointed to the Board and the Audit Committee, Justin Dowley will look to step down as a member so that the Audit Committee is fully compliance with the requirements of the Code.