Corporate Governance

The company recognises the importance of appropriate corporate governance controls, and will be implementing a corporate governance regime which will closely follow the UK Model Code of Corporate Governance.

The Board of Directors
The company is run day-to-day by the Chief Executive, supported by The Chairman and the Board of Directors.

Committees
The company has established an Audit Committee, Remuneration Committee and a Nomination Committee, with formally delegated duties and responsibilities.

Audit Commitee
An Audit Committee has been established, comprising of 3 board members, of which one member is a non-executive director. At least one of the committee members is a person considered by the Board to have recent and relevant financial experience. The Audit Committee will be responsible for reviewing the adequacy of the strategies and policies for risk management and control set by the Board.

The system of internal control will be designed to enable Glycotec to achieve its corporate objectives within a managed risk profile

Remuneration Committee
This Committee has been established to ensure that remuneration arrangements support the strategic aims of a business and enable the recruitment, motivation and retention of senior executives while also complying with the requirements of regulation.

Nomination Committee
For the purpose of nominating candidates for office within the organisation.

All appointments to the Board and replacements of Directors take place in accordance with the Companies Acts and the Company’s Articles of Association.