Corporate governance

The Directors recognise the importance of sound corporate governance and intend to comply with the Quoted Companies Alliance's Corporate Governance Guidelines for AIM Companies. In particular, the Directors are responsible for overseeing the effectiveness of the internal controls of SAPRO designed to ensure that proper accounting records are maintained, that the financial information on which business decisions are made and which is issued for publication is reliable and that the assets of SAPRO are safeguarded.

The Board has established an audit committee with formally delegated duties and responsibilities, comprising not less than two offshore Directors of the Board. The audit committee meets at least twice a year and is responsible for ensuring that the financial performance of SAPRO is properly reported on and monitored, including reviews of the annual and interim accounts, results announcements, internal control systems and procedures and accounting policies.

The Board has established a nomination committee with formally delegated duties and responsibilities, comprising members of the Board. The committee's responsibility is to ensure that the Board consists of members with the range of skills and qualities to meet its principal responsibilities in a way which ensures that the interests of stakeholders are protected and promoted and the requirements of the AIM Rules are complied with.

The Board has also established a management engagement committee with formally delegated duties and responsibilities, comprising the other executive (main board) directors, the heads of each business division, human resources, risk, IT, strategy, operations, group legal, and the company secretary¹. The committee shall meet at least once a year and is responsible to assist the Chairman in the performance of their duties, including: the development and implementation of strategy, operational plans, policies, procedures and budgets; the monitoring of operating and financial performance; the assessment and control of risk; the prioritisation and allocation of resources; and monitoring competitive forces in each area of operation.

The Board is in the process of establishing a remuneration committee. 

Audit Committee
Richard James Sunley Tice - Chairman
Quentin Spicer - Member
David John Humbles - Member

Nomination Committee
Richard James Sunley Tice - Chairman
Quentin Spicer - Member
Peter Milton Bester - Member
David John Humbles - Member

Management Engagement Committee
Richard James Sunley Tice - Chairman
Quentin Spicer - Member
Peter Milton Bester - Member
David John Humbles - Member