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Workings of the Board

The board currently comprises the chief executive, the finance director, two property directors and two independent non-executive directors of which one is chairman. These demonstrate a range of experience and sufficient calibre to bring independent judgement on issues of strategy, performance, resources and standards of conduct which are vital to the success of the company. The board is responsible to shareholders for the proper management of the company.

The board has a formal schedule of matters specifically reserved to it. All directors have access to the advice and services of the company secretary, R H McCaskill, who is responsible to the board for ensuring that board procedures are followed and that applicable rules and regulations are complied with. In addition, the company secretary ensures that the directors receive appropriate training as necessary. The appointment and removal of the company secretary is a matter for the board as a whole.

The board meets approximately ten times a year, reviewing trading performance, ensuring adequate funding, setting and monitoring strategy, examining major acquisition possibilities and reporting to shareholders. The non-executive directors have a particular responsibility to ensure that the strategies proposed by the executive directors are fully considered.

The remuneration and audit committees deal with specific aspects of the group’s affairs.