Chairman, Andrew Wilson

The Audit Committee comprises both non-executive directors and meets no less than twice a year with the external auditors together with various representatives of the executive and finance functions. It also meets privately with the external auditors on an adhoc basis. The Committee, inter alia:

• is responsible for the appointment, review and remuneration of the external auditors and has authority to pre-approve their engagement for both audit and permitted non-audit services within an agreed framework
• annually assesses the independence and objectivity of the auditors;
• reviews the annual and interim financial statements, the Group's accounting policies and procedures and its financial control environment, and
• reviews the Group's system of internal controls, including risk management procedures