Corporate Governance

The Company is committed to the principles of corporate governance contained in the Combined Code on Corporate Governance that was issued in 2006 by the Financial Reporting Council (the Code) for which the Board is accountable to shareholders. Throughout the year ended 31 December 2007 the Company was in compliance with all the Code provisions set out in Section 1 of the Code except for Code Provisions A.2.2. This is because on appointment the Chairman did not meet the independence criteria prescribed by the Code since immediately prior to the appointment, he had been Chief Executive.

More information on Corporate Governance can be found in the Senior Independent Director’s Report in the Annual Report and Financial Statements 2007  
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