The Audit Committee meets at least four times each year. The committee has the responsibility to consider and recommend to the Board the appointment of the Company’s external auditors and to review the interim statements and the annual accounts and any other formal statement relating to financial performance, before submission to the Board. The Chief Financial Officer and the external auditors may also attend a portion or all of the meetings of the Audit Committee as required.The Compensation Committee
The primary responsibility of the committee is to determine the compensation of Directors and members of the executive management. The committee also reports to shareholders on behalf of the Board where required by the prevailing listing rules and codes of practice.Corporate Governance and Nominations Committee
The primary responsibility of the committee is to advise the Board as appropriate concerning its composition and that of its committees and to recommend to the Board when new members should be added. Additional members of the Board may participate as needed.Internal Controls
The Board of Directors is ultimately responsible for the Company’s system of internal controls and for reviewing and monitoring its effectiveness. The Company maintains a comprehensive process of financial reporting. The annual budget is reviewed and approved by the Board of Directors before adoption. The Board receives periodic reports of the Company’s operating performance compared against both the budget and the prior year’s results with explanations of significant variances.
The implementation, maintenance, review, and improvement of the Company’s internal controls are the responsibility of the Chief Financial Officer. The external auditors review the internal financial controls as a basis for determining the nature and extent of their audit testing procedures.