Statement on corporate governance

The board remains committed to the principles of good corporate governance and to maintaining high standards of business ethics and professionalism across the group, which it believes are vital to the Company’s business integrity and successful long-term performance. The board recognises that corporate governance is not an end in itself but an important means to an end.

The Listing Rules of the Financial Services Authority require UK listed companies to report on the manner in which they apply the Combined Code on Corporate Governance (the ‘Combined Code’) which is publicly available at www.frc.org.uk. The board recognises that the Combined Code represents best practice and this report, together with the Remuneration report, sets out how the Company applies the principles of this Combined Code which deal with directors, directors’ remuneration, relations with, and accountability to, shareholders, and the audit
of the Company. The board will also continue to keep developments in the Combined Code, including the current consultation being conducted by the Financial Reporting Council, under review and will in due course consider how best to address any such developments.

The board believes that any system which is adopted must also reflect necessary standards of governance for the Company and its corporate social responsibilities and believes that the systems in place meet those requirements.

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