The Nomination Committee has terms of reference modelled closely on those set out in the Code and its responsibilities include recommending new Board appointments and succession planning. A copy of its terms of reference is available on the Company’s website. The Board as a whole is responsible for making new appointments to the Board on the recommendation of the Nomination Committee and nominating recommended candidates for election by shareholders on first appointment and thereafter for re-election at relevant intervals.

During 2011, the Nomination Committee reviewed the structure, balance and composition of the Board and its Committees. In line with best practice principles, both Ian Harrison and Dermot Jenkinson, who have been Non‑Executive Directors for over 9 years, have retired from all Board Committees