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 PME. These are 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 PME are safeguarded.
The Board has established an audit committee, a remuneration committee, a nomination committee and a management engagement committee with formally delegated duties and responsibilities.
The audit committee will meet at least twice a year and will be responsible for ensuring that the financial performance of PME is properly monitored and reported. This process will include reviews of annual and interim accounts; results announcements; internal control systems; procedures; and accounting policies.
The remuneration committee is responsible for any required framework for the remuneration of the executive directors. The fees payable to the Chairman and the fees payable to other directors have been set. The Board of Directors undertakes, and will ensure, that no payment of value (whether by way of compensation, gift or otherwise) is made or received by the Board of Directors, PME or any project company or their respective shareholders, officers, employees or affiliates which would improperly induce preferential treatment for these individuals or entities.
The nomination committee is responsible for ensuring 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 management engagement committee will meet at least once a year and is responsible for reviewing the performance of service providers and to ensure that the Company's contracts with such parties are competitive and reasonable for the Company's shareholders.
Audit committee
Lawrence Kearns(Chairman)
Paul Macdonald
Remuneration committee
Lawrence Kearns (Chairman)
Paul Macdonald
Nomination committee
Lawrence Kearns (Chairman)
Paul Macdonald
Management engagement committee
Lawrence Kearns (Chairman)
Paul Macdonald
2012 PME African Infrastructure Opportunities plc. All rights reserved.