The Audit Committee is responsible for ensuring that the financial performance, position and prospects of the Group are properly monitored and reported on. Responsibilities also include meeting the auditors and reviewing reports relating to accounts and internal controls.
The Audit Committee will meet at least twice a year, at appropriate times in the reporting and audit cycle.
After each meeting The Audit Committee will report formally to the Board on all proceedings and matters for which it is responsible. It will also compile a summary for the shareholders to be included in the annual report and Group accounts.
The members of the Audit Committee are re-elected annually by the Board.