The audit committee is chaired by Mr. Glatter, and its other members are Mr. Twining and Mr. Williams. Only Non-Executive Directors are serving on the committee and members of the committee has no links with the Company´s external auditors and is independent of the Company´s management. The audit committee meets not less than three times a year and meets with the external auditors at least once a year without the Executive Directors present.

The audit committee is responsible for making recommendations to the Board on the appointment of the external auditors and their remuneration. The committee  considers the nature, scope and results of the auditors´ work and reviews (and reserves the right to approve) any non-audit services that are to be provided by the external auditors. It receives and reviews reports from management and the Company´s auditors relating to the Company´s annual report and accounts. The committee focuses particularly on compliance with legal requirements, accounting standards and the AIM Rules and ensuring that an effective system of internal financial and non-financial controls is maintained. The ultimate responsibility for reviewing and approving the annual report and accounts remains with the Board.