Chairman, John Clarke

The Audit Committee comprises all the non-executive directors and meets no less than four times a year with the external auditors together with various representatives of the executive and finance functions. It also meets privately with the external auditors on a regular basis. The Committee, inter alia:

• is responsible for the appointment, review and renumeration of the external auditors and has authority to pre-approve their engagement for both audit and permitted non-audit services within an agreed framework
• annually assesses the independence and objectivity of the auditors
• reviews the annual and interim financial statements, the Group’s accounting policies and procedures and its financial control environment, and
• reviews the Group’s system of internal controls, including risk management procedures

Terms of Reference for the Audit Committee