The Board is committed to effective corporate governance as the basis for delivering long-term value growth and for meeting shareholder expectations for proper leadership and oversight of the business.
There is no corporate governance regime in the Isle of Man that applies to the Company. Directors of companies incorporated in the Isle of Man are required to comply with certain duties that are contained in the IOM Act, and the Directors comply with those duties.
The Directors acknowledge the importance of the principles set out in the Corporate Governance Code. The Directors intend to apply the QCA Guidelines contained therein, as far as they consider appropriate for a company of its size and nature. The Board intends to meet regularly to consider strategy, performance and the framework of internal controls. To enable the Board to discharge its duties, all Directors will receive appropriate and timely information. Briefing papers will be distributed to all Directors in advance of Board meetings.
All Directors will have access to the advice and services of the Chief Financial Officer, who will be responsible for ensuring that the Board procedures are followed and that applicable rules and regulations are complied with. In addition, procedures will be in place to enable the Directors to obtain independent professional advice in the furtherance of their duties, if necessary, at the Company’s expense.