Remit of the Audit Committee

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Updated in November 2008

(i) to consider any appointment of external auditors to Group companies, to review audit fees and to consider any questions of resignation or dismissal of auditors;

(ii) to review all public financial statements of the Company and of the Group, including the half year and annual financial statements, before such statements are submitted to the Board;

(iii) to discuss problems and reservations arising from the external audit, and any matters the auditor might wish to discuss in the absence of management where appropriate and to review the external auditor's management letters and the management's response thereto;

(iv) to review any of the following documents which the Company wishes or is obliged to release:

  • Circulars to shareholders
  • Circulars to bondholders
  • Press announcements of the interim and annual results

(v) to review the financial risks and internal financial controls of the Company, its subsidiaries and their respective pension schemes and to recommend any changes that it deemed necessary either to the subsidiaries concerned or, where appropriate, to the Risk Committee and to the Board.

(vi) to monitor and review the resources and effectiveness of internal audit (including approval of the appointment and removal of the Group Internal Audit Manager); to agree the internal audit programme for the forthcoming year; to consider a summary of Group internal audit reports and such individual reports as the Committee sees fit and management's response to any recommendations; and to monitor the progress of any required actions;

(vii) to consider other topics, as requested by the Board.