Audit and Remuneration Committees

AUDIT AND REMUNERATION

The Group has well-established audit and remuneration committees.

BHID has an Audit Committee which reviews the Group’s accounting standards and effectiveness of systems, and a Remuneration Committee which reviews all executive salaries.

AUDIT COMMITTEE

The Group has a well-established Audit Committee consisting of D Murray, Chairman, M Storey and N Seaman. The meetings are attended by N Pailing (CEO), K Bennett (Group Finance and Commercial Director) and a partner from the Group’s auditors. The committee considers, reports and makes recommendations to the board on:

a) Appropriate accounting policies and compliance with accounting matters (such as contingent liabilities).

b) The adequacy and effectiveness of internal systems of reporting and control.

c) The scope of the audit; action required as a result of the auditor’s findings and conclusion, and the auditor’s remuneration.

d) Any other matters which the committee considers appropriate or are requested by the Board.

REMUNERATION COMMITTEE

The Group also has a well-established remuneration committee. The members of the committee are D Murray, Chairman, M Storey and N Seaman. The meeting is also attended by N Pailing, (CEO), K Bennett (Group Finance and Commercial Director). The Group CEO and Group Finance Director present recommendations on remuneration but do not vote on any recommendations at the meeting. The remuneration committee determines on behalf of the board the terms of appointment, dismissal and remuneration of all executive and non-executive directors.

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