The Board has established 3 committees: the Audit Committee, the Compensation Committee and the Nominations Committee.
The responsibilities of each of these committees are set out clearly in written terms of reference, which have been approved by the Board.
Appointments to these committees are for an initial period of 3 years, with potential for re-appointment for 2 further 3-year terms, subject to approval by the Board.
The Audit Committee, chaired by Rosemary Thorne, comprises 8 non-executive Directors. Of these, Rosemary Thorne and Irial Finan have recent and relevant financial experience. The Committee met 5 times during 2014. The Group Chief Executive Officer, the Group Chief Financial Officer, the Group Internal Auditor, the Group Compliance Manager, and senior members of the finance team normally attend meetings of the Committee. The external auditors also attend and together with the Group Internal Auditor have direct access to the Committee Chairman at all times.
The Compensation Committee
The Compensation Committee chaired by Irial Finan comprises 6 non-executive Directors.
The Committee met 4 times during 2014. The Group Chief Executive Officer normally attends the meetings and the Group V.P. Human Resources attends when appropriate.
The Nominations Committee
The Nominations Committee chaired by Thomas Brodin comprises 6 non-executive Directors. The Committee met 3 times during 2014.