The Audit Committee operates within defined terms of reference and reports directly to the Board.
The Audit Committee meets regularly during the year aligned to the quarterly financial reporting timetable. During the 2010-11 financial year it met on five occasions.
The Committee's responsibilities include:
- Monitoring the integrity of the financial statements of the Company and any formal announcements relating to the Company's financial performance
- Reviewing the Company's internal financial controls and its internal control and risk management systems
- Monitoring and reviewing the effectiveness of the internal audit function
- Making recommendations to the Board in relation to the appointment of the external auditor and approving the remuneration and terms of engagement of the external auditor
- Reviewing and monitoring the external auditor's independence, objectivity and effectiveness
- Developing and implementing policy on the engagement of the external auditor to supply non-audit services, taking into account relevant ethical guidance
- Reviewing and monitoring the valuation process
- Reviewing the Audit Committee's terms of reference and monitoring its execution
By invitation, there are a number of regular attendees at each meeting including the Chairman, the Finance Director, the Head of Financial Reporting, Head of Internal Audit and representatives of the valuers and the external auditor. Other executives including the Chief Executive and the Chairman of the Investment Commitee, are invited to attend from time to time. The Committee meets regularly with the external auditor and Head of Internal Audit without management being present.
Audit committee members
- Richard Pym, Non-executive Director (Committee Chairman)
- Aubrey Adams, Non-executive Director
- William Jackson, Non-executive Director
- Simon Borrows, Non-executive Director
