Audit Committee

The Audit Committee, currently consists of two non-executive directors and is chaired by Louise Cretton, has specific terms of reference and meets with the auditors at least twice a year. The Committee reviews the financial statements prior to their recommendation to the Board for approval and assists the Board in ensuring that appropriate accounting policies are adopted and internal financial controls and compliance procedures are in place.

Price WaterhouseCoopers LLP, as the Company’s external auditor, undertakes non-audit related work. Such work may include taxation-related services, regulatory matters, work of an assurance nature related to fund raisings, acquisitions and mergers and other related services. The audit committee reviews the nature and extent of non-audit services supplied by the external auditor to ensure that their objectivity and independence is maintained.

In discharging its duties during the year the Audit Committee has regard for the challenges arising from the current economic conditions. In particular, consideration has been given to the key risks faced by the Company and the reliance placed on estimates, assumptions and forecasts in the Company’s financial statements.

Remuneration Committee

The Remuneration Committee consists of three of the non-executive directors and is chaired by Godfrey Davis. It is responsible for determining the remuneration arrangements of the executive directors, for advising the Board on the remuneration policy for senior executives and may invite participation in the Company’s long-term incentive share scheme.

Nominations Committee

The Nominations Committee consists of one executive and one non -executive director and is chaired by Stephen Yapp. It focuses on evaluating the board of directors of Pittards and determining the skills and characteristics that are needed in new board candidates.