The Remuneration and Nomination Committee's role is two fold covering remuneration policy and nominations to the board of directors.

With regard to remuneration, the committee's terms of reference is to determine the senior executive remuneration policy including bonus and share option policies and levels of remuneration for the Company's senior management. Directors' remuneration is set at the level required to attract and retain the Directors needed to run the Company successfully, this level being set after consultation with independent executive search firms and by reference to comparable companies.

In respect of Nominations, the committee is responsible for all appointments to the Board of Directors. All Directors are required to stand for re-selection by the members at the first general meeting subsequent to their appointment. Furthermore, all Directors are also required to stand for re-selection by members, by rotation, every three years.

The Committee's terms of reference include review of the Companyıs interim and annual financial statements, accounting policies and internal management and financial controls. The Audit Committee also oversees the organisational structure of the Company, its internal control system and its accounting system, in order to verify its ability to fairly represent the operations and transactions of the Company. It also considers the appointment and fees of the external auditors, with whom it meets at least once a year, and discusses the audit scope as well as the findings arising from audits.