The Chairman satisfied the independence criteria set out in the Code on appointment. There are 3 independent Non-Executive Directors (Eric Born, Ian Harley and Octavia Morley) which is in excess of the minimum number recommended for a company of our size. Dermot Jenkinson and Ian Harrison are not independent under the terms of the Code due to their shareholding and length of service. However, they not only represent the continuing involvement of the founding Menzies family, but also contribute effectively to the Board.

They bring to the Board a breadth of skills and experience from their knowledge of the Company and from their backgrounds in business and general management. Since the end of 2011 all of the Non-Executive Directors on each of the Board Committees are independent, and are therefore fully compliant with the Code.