Matters Reserved For The Board

The key responsibilities of the Board are:

• the overall management of the Group

• approval of long-term objectives and strategy

• approval of revenue and capital budgets and plans

• oversight of operations ensuring adequate systems of internal control and risk management are in place, ensuring maintenance of accounting and other records and compliance with statutory and regulatory obligations

• review of performance in the light of strategy and budgets, ensuring any necessary corrective actions are taken

• approval of the audited financial statements, Annual Report, material contracts and major projects

• approval of the dividend policy

• determining changes to structure, size and composition of the Board

• determining remuneration policy for the Directors and senior executives and approval of the remuneration of the Non-executive Directors

• approval of communications with shareholders and the market