The Directors are responsible for formulating, reviewing and approving the Company and its subsidaries’ strategy, budget, certain items of capital expenditure and senior personnel appointments. The Directors have established audit, remuneration, and nomination committees, as described below, and will utilise other committees as necessary in order to ensure effective governance.

The initial members of the Audit, Compensation and Nommination Committees are comprised of three Directors. If the Board of Directors has designated any independent non-executive directors, then at least one member of the audit committee will be an independent non-executive director.

The Audit Committee’s responsibilities include reviewing the Company’s financial statements, accounting policies, internal controls and overseeing its relationship with its external auditors.

The Compenstation Committee’s responsibilities include determining the Company’s policy on remuneration; however, no director or manager shall be directly involved in any decisions as to their own remuneration.

The Nomination Committee’s responsibilities include reviewing the composition of the Company’s board and making recommendations to the board with regard to any changes.