Governance

Audit Committee

Audit Committee

The Audit Committee members are Humphrey Singer (who Chairs the Committee), Mark Castle and Scilla Grimble.

Audit Committee Report

Terms of Reference

Humphrey Singer

Audit Committee summary

The objective of the Audit Committee is to assist the Board in fulfilling its corporate governance responsibilities relating to the Group’s financial reporting, risk and internal control framework and any other matters referred to it by the Board.

The key activities and areas of focus for the Audit Committee in 2023 were:

- Sought and received assurance that management action on, and investment in, cyber security, and the programme to digitise the Company's production procedures will each further strengthen our overall control environment
- Monitored the Group's readiness for the adoption of any financial governance and ongoing corporate reporting changes resulting from any regulatory requirements instigated by the Department for Business Energy & Industrial Strategy (BEIS) or the Financial Reporting Council (FRC)
- Sought and received assurance that key business controls, in particular segregation of duties and delegation of authority, remain effective following the change programme undertaken early in 2023

2024 key areas of focus:

- To gain assurance that the transition to a new IT service provider is appropriately managed, minimising operational disruption and associated risks
- To oversee the development of the changes required in response to the 2024 Corporate Governance Code
- To gain assurance that the new HR and Payroll system is implemented within a robust framework