AQUIS and London Stock Exchange companies are given the flexibility to choose from a range of codes which suit their specific stage of development, sector and size.

The Directors believe that the Board has sufficient expertise and a variety of complementary skills for the Company to operate and develop its business satisfactorily. The current Board, who are holders of suitably sufficient skill level in the areas of the business and finance, are always looking to improve and further their knowledge of the industry to gain a competitive advantage over an expectedly crowded market. The Board is responsible for ensuring that commercial risks and financing needs have been properly considered and that the Company satisfies the obligations of a public company.

In accordance with good corporate governance practice (see Section 4.4), the Company will have a formal process for the annual performance evaluation of the Board, its committees, and individual directors. Such evaluation of the Board and its committees will be primarily based upon regular informal observation by the Board and non-executive directors covering the effectiveness of the Board and its committees, performance against objectives, preparation for and performance at meetings, and other corporate governance matters. The Chairman will report the results of the process to the Board. The Chairman will have his performance individually reviewed by the Remuneration Committee as part of his annual remuneration review. The methodology for these reviews will be monitored by the Board in order to optimise the process.

The Board is responsible to shareholders for the proper management of the Company. A statement of the Directors’ responsibilities in respect of the accounts and reporting under the Companies Act 2006 will be set out in the Strategic Report and Directors report included in the Annual Report. The Directors will observe the guidelines of the Quoted Companies Alliance Guidelines for Smaller Quoted Companies (“QCA code”), as published by the Quoted Companies Alliance in May 2013 (and amended or replaced from time to time) to the extent they consider appropriate in light of the Company’s size, stage of development and resources.

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