Responsibility of Directors
The audit committee has the primary responsibility of monitoring the quality of internal controls and ensuring that the financial performance of the Group is properly measured and reported on. It receives and reviews reports from the Group’s management and external auditors relating to the interim and annual accounts and the accounting and internal control systems in use throughout the Group. The audit committee meets not less than twice in each financial year and has unrestricted access to the Group’s external auditors. The audit committee is Chaired by Mr Ian Staunton.
It is the Company’s objective to provide maximum stakeholder benefit from the retention of a high quality Board and executive team by remunerating directors and key executives fairly and appropriately with reference to relevant employment market conditions. The expected outcomes of the remuneration structure are:
• Retention and motivation of key executives;
• Attraction of quality management to the Company; and
• Performance incentives which allow executives to share the rewards of the success of Rockfire Resources.
The Remuneration Committee is Chaired by Nicholas Walley and includes Patrick Elliott.
The Company has not established a policy concerning gender diversity nor disclosed a policy or summary of that policy. The Company has not disclosed in its annual report the measurable objectives for achieving gender diversity. The Board considers that the current size and level of activities of the Company are not of a sufficient level to justify having a diversity policy.
There is no separate nomination committee. The Board considers that the current size and level of activities of the Company are not of a sufficient level to justify having a nomination committee. The whole Board conducts the functions of the nomination committee, and is guided by the charter posted on the website.