Corporate Governance

Requirements

As an AIM company it is a responsibility to adopt corporate governance measures as appropriate for the business.

• Disclosure on a company’s website of the corporate governance code applied, details of how it is applied and if no code is adopted to state this with current corporate governance arrangements
• UK Corporate Governance Code / QCA Corporate Governance Code considered as best practice but not a requirement.

Areas of good disclosure

• Description and work of each board committee and its role
• Information about the identity and suitability of executive and non-executive directors and their committee membership
• Responsibilities and accountability of each committee.

Areas requiring further focus

• Evaluation of how procedures have evolved from previous years and the action taken
• Lack of clear articulation of how the company’s corporate governance structures and behaviour support the long-term strategy and success of the company
• Reasons explaining why a non-executive director is considered to be independent
• Investors feared a potential conflict where the company secretary was also a director.