CORPORATE GOVERNANCE STATEMENT

 Introduction from the Chairman

The Board is committed to good corporate governance and so far as appropriate given the Company’s size and the constitution of the Board, intends to comply with the QCA Guidelines on Corporate Governance (“QCA Guidelines”). The Board believes this to be the most appropriate recognised governance code for this Company.

This is a practical, outcome-oriented approach to corporate governance that is tailored for small and mid-size quoted companies in the UK and which provides the Company with the framework to help ensure that a strong level of governance is maintained.

As Chairman, I am responsible for leading an effective board, fostering a good corporate governance culture, maintaining open communications with the shareholders and ensuring appropriate strategic focus and direction for the Company. Notwithstanding the Board’s commitment to applying the QCA Code, we will not seek to comply with the QCA Code where strict compliance in the future would be contrary to the primary objective of delivering long-term value for the Company’s shareholders and stakeholders.

However, we do consider that following the QCA Code, and a framework of sound corporate governance and an ethical culture, is conducive to long-term value creation for shareholders. All members of the Board believe strongly in the importance of good corporate governance to assist in achieving objectives and in accountability to stakeholders. In the statements that follow, the Company explains its approach to governance in more detail.

Last reviewed 26 April 2021