Committees

Audit committee

The Board has appointed an audit committee which comprises three directors; Zvi Marom, James Rosenwald III and Lynn Bruce, and which is chaired by Lynn Bruce.  The Board considers the composition of the committee appropriate given the size of the Group.  The audit committee undertakes a detailed review of the Company's half yearly and annual financial reports, is responsible for reviewing whether the accounting policies are appropriate and for monitoring internal compliance and external audit functions including the cost effectiveness, independence and objectivity of the auditors.

The audit committee will meet periodically with the auditors to receive a report concerning the Company's internal processes to ensure that the independence and objectivity of the auditors are safeguarded at all times.  The committee is satisfied that the safeguards and procedures established by the auditors are sufficient to counter threats or perceived threats to their objectivity at all times.

Remuneration committee

The Board has appointed a remuneration committee which comprises two directors, Zvi Marom and James Rosenwald III, and which is chaired by James Rosenwald III.  The remuneration committee has given full consideration to Section B of the Best Practice Provisions of the Combined Code on Corporate Governance.  The principal function of the remuneration committee is to determine the Group's policy on executive remuneration.  It makes its decisions in consultation with the Executive Chairman and Group Managing Director.  No Director plays a part in any decision about their own remuneration.  The Committee meets periodically when it has proposals to consider and in any event no less than once each year.

The main aim of the remuneration committee's policy is to attract, retain and motivate high calibre individuals with a competitive remuneration package. Remuneration for executives comprises basic salary, performance related bonus, pension benefits, other benefits in kind and options granted pursuant to the Share Option Plan.  No Director has a service contract for longer than 12 months.