The Audit Committee normally meets four times a year. The Group Chief Executive Officer, the Executive Director Finance and Administration, external audit and risk management attend these meetings by invitation. The Audit Committee reviews the Group’s interim and annual financial statements before submission to the Board for approval. Its objectives are to ensure that the Board is advised on all matters relating to corporate governance and the creation and maintenance of effective financial controls, as well as advising the Board and management on measures which ensure that respect for both regulatory issues and for internal financial control is demonstrated and stimulated.
Accordingly, it reviews the effectiveness of the internal audit function, its programmes and reports, and also reviews all reports from the external auditors on accounting and internal control matters, and monitors action taken where necessary.
The Audit Committee also recommends the appointment and reviews fees of external auditors.
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The Remuneration Committee meets as required during the year. The terms of reference of the Remuneration Committee are to determine the Group’s policy on the remuneration of executive Directors and senior executives, including individual salaries and other terms of the remuneration packages.
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