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The Directors acknowledge the
importance of the Combined Code and apply its
principles so far as is practicable and appropriate
to a company of the size and nature of Target.
The Group complies with the
principles of the Corporate Governance Guidelines
for AIM Companies published by the Quoted Companies
Alliance in 2005.
The Company has appointed Mr.
Hager as its Non-Executive Chairman and Mr. O’Kane
and Mr. Carrick Smith as Non-Executive Directors.
The Board has established audit, nomination and
remuneration committees. Mr. O’Kane chairs
the Audit Committee and Mr. Hager chairs the Remuneration
Committee.
The audit committee receives
and reviews reports from management and the Group’s
external auditors relating to the annual and interim
accounts the accounting and internal control systems
of the Group. The audit committee has unrestricted
access to the Group’s external auditors.
The remuneration committee sets
and reviews the scale and structure of the executive
Directors and the senior managements remuneration
and the terms of their service contracts with
due regard to the interests of the Shareholders.
The remuneration as well as the terms and conditions
of appointment of the non-executive Directors
are set by the remuneration committee. The remuneration
committee makes recommendations to the Directors
concerning the allocation of share options to
employees. No director or member of the senior
management is permitted to participate in discussion
or decisions concerning his own remuneration.
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