The Company complies with the Quoted Companies Alliance’s (the “QCA”) Corporate Governance Code, to the extent that the Board considers appropriate having regard to the Company’s size, board structure, stage of development and resources. The Company departs from the provisions of the QCA Code in respect of the number of independent directors. The QCA Code says that “Generally, shareholder expectation is that at least half of directors of a board will be independent Non-Executive Directors”. The Board of the Company consists of three executive and one non-executive director. The non-executive director takes no part in the day-to-day management of the Company’s affairs, has no performance related pay and provides no services to the Company save for those expected of his non-executive role. In addition, the Company has adopted the following Codes and Policies, as seen below:
