The Board has constituted an audit committee which will meet at least 2 times a year and be responsible for ensuring that the financial performance of the Group is properly reported and monitored and for meeting the auditors and reviewing the reports from the auditors relating to accounts and internal control systems. It will meet once a year with the auditors and will be chaired by Ivor Shrago and includes Lu Shangmin.
The Board has constituted a remuneration committee which will review the performance of the executive Directors and will set and review the scale and structure of their remuneration and the terms of their service agreements with due regard to the interests of the Shareholders. In determining the remuneration of executive Directors, the remuneration committee will seek to enable the Company to attract and retain executives of high calibre. No director will be permitted to participate in discussions or decisions concerning his own remuneration. The remuneration committee will meet as and when necessary. The remuneration committee will be chaired by Lu Shangmin and includes Ivor Shrago.
As a result of the current size of the Company, a nomination committee will not be put in place at the current time. The Directors will review the need for a nomination committee as the Company progresses.
As required, the Company will comply with the provisions of the AIM Rules, as amended from time to time, which govern the operation and administration of AIM, including the arrangements for the admission of securities to AIM and ongoing requirements once admitted to trading.