Audit Committee

The Audit Committee is composed entirely of non-executive Directors and assists the Board in monitoring and reviewing the Group’s financial statements, accounting policies and internal control mechanisms in accordance with the Committee’s terms of reference.  The responsibilities of the Audit Committee also include the review and approval of related party transactions in accordance with the Listing Rules.

The Audit Committee also approves and reviews the Group’s Compliance Plan and Internal Audit Plan prior to the commencement of every financial year and monitors the implementation of these plans. 

The Group’s Internal Auditors, the Company’s External Auditors and Chief Financial Officer are invited to attend Audit Committee Meetings on a regular basis, as deemed appropriate.

The Committee comprises:

• Mr Joseph Schembri (Chairman)
• Mr Joseph Del Raso
• Mr Gregory McGowan

Nominations and Remunerations Committee

The Nominations and Remuneration Committee is responsible for making recommendations for appointment to the Board and for reviewing the constitution of the Group’s Boards, in order to ensure that appointments to Boards are conducted in a systematic, objective and consistent manner.  It is also responsible for the review of performance of the Group’s Board members and committees, the appointment of senior executives and management and the development of a succession plan for senior executives and management.

Additionally, this committee monitors, reviews and advises on the Group’s remuneration policy as well as approves the remuneration packages of senior executives and management.