Corporate Governance

The Board is committed to maintaining high standards of corporate governance and is accountable to the shareholders of Nasstar plc ("Nasstar" or "the Group") for good corporate governance. This statement describes how the principles of corporate governance are applied to the Company.

Board Meetings

The Board meets at least four times per year excluding the AGM. The Chief Executive Officer maintains frequent communication with the Chairman and non-executive Director to ensure they are kept up to date with the operations of the Group and to benefit from their advice. The Board is responsible to shareholders for the proper management of the Group.

The Audit Committee

The Audit Committee currently comprises Lord Daresbury and Damion Greef and is chaired by Lord Daresbury. The Audit Committee is responsible for reviewing a wide range of matters, including half-year and annual results before their submission to the Board, and for monitoring the controls that are in force to ensure the integrity of information reported to shareholders. The Committee advises the board on the appointment of external auditors and on their remuneration for both audit and non-audit work, and discusses the nature, scope and results of the audit with the external auditors. The Committee keeps under review the cost effectiveness and the independence and objectivity of the external auditors.

The Remuneration Committee

The Remuneration Committee currently comprises Lord Daresbury and Damion Greef and is chaired by Lord Daresbury. The Remuneration Committee is responsible for reviewing the performance of the executive directors and for setting the scale and structure of their remuneration, paying due regard to the interests of shareholders and the performance of the Group. The Remuneration Committee is also responsible for determining allocations of any share options.