The Audit Committee

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The Audit Committee comprises at least three Directors with the majority being independent and non executive members, and includes at least a member qualified as an accountant. The Audit Committee meets at least four times a year to review the Group’s results, and meets with the internal and external auditors to assess and verify the integrity of operations and the financial status of the Group.

The Audit Committee advises the Board on the financial performance of the company and its compliance with reporting and disclosure requirements owed to the authorities and public.

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The Audit Committee shall be responsible for:

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1. selecting, retaining or dismissing the Group’s external auditors.

2. selecting, retaining or dismissing other auditors for non auditing services.

3. reviewing corporate governance practiced by the Group and its directors in compliance to MCGP.

4. reviewing:

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• the results, fairness and independence of internal and external audits.

• matters of concerns raised by the auditors.

• changes necessary to the Group’s accounting practices.

• the quality of accounting and financial controls practiced within the Group.

• assessing the financial risks of the Group's operations.