The Board is committed to the highest standards of corporate governance and maintaining an effective framework for the control and management of the Company.

The Board monitors compliance with The UK Corporate Governance Code dated April 2016 issued by the Financial Reporting Council and reports on this annually in the Corporate Governance Statement included in the Annual Report and Accounts. The UK Corporate Governance Code sets out a number of principles in relation to board leadership, effectiveness, accountability, remuneration and relations with shareholders. As envisaged by the UK Corporate Governance Code, the Board has established three committees: an Audit Committee, a Nomination Committee and a Remuneration Committee. If the need should arise, the Board may set up additional committees as appropriate.

The UK Corporate Governance Code recommends that at least half the board of directors of a UK-listed company, excluding the chairman, should comprise non-executive directors determined by the board to be independent in character and judgement and free from relationships or circumstances which may affect, or could appear to affect, the director's judgement. The Board considers that the Company complies with the requirements of the UK Corporate Governance Code in that regard. The Board has also established a number of committees whose terms of reference are documented formally and regularly reviewed.