Corporate Governance

Corporate governance

The Directors are committed to maintaining a high standard of corporate governance and intend to comply with those aspects of the QCA Code which they consider appropriate, taking into account the size of the Company and the nature of its business. The Company currently has five Directors, three of whom are non-executive.

The Board will be supplied with regular and timely information concerning the activities of the Company so that it is able to exercise its responsibilities and control functions in a proper and effective manner.

Directors

David George Lis (Non-Executive Chairman)

Jørgen Korsgaard Jensen (Danish) (Chief Executive Officer)

Paul Joseph Hodges (Non-Executive Director)

Andreas Berg Nielsen (Non-Executive Director)

Søren Karles Belmar (Chief Financial Officer)

Gavin Manson (Non-Executive Director)

Audit Committee

The Audit Committee comprises Andreas Berg Nielsen, Gavin Manson and Paul Hodges, and is chaired by Gavin Manson.

The Audit Committee will meet at least twice a year and is responsible for reviewing the annual and half-yearly accounts, the system of internal controls and risk management, and the terms of appointment and remuneration of the auditors. It is also the forum through which the auditor’s report to the Board. The Audit Committee is also responsible for reviewing the objectivity of the external auditors and the terms under with the external auditors are appointed to perform non-audit services.

The Company’s auditor will also attend the Audit Committee at its request and report on its work procedures, the quality and effectiveness of the Company’s accounting records and its findings in relation to the Company’s statutory audit. The Audit Committee will meet with the auditors at least once a year.