Corporate Governance

The Board of Directors comprises three independent non-executive Directors and four executive Directors.

The Board recognises the importance of sound corporate governance and intends to comply with the Quoted Companies Alliance Corporate Governance Guidelines for Smaller Quoted Companies which it believes is appropriate for a company with shares traded on AIM of the size and structure of the Company. In particular, the Directors are responsible for overseeing the effectiveness of the internal controls of the Company designed to ensure that proper accounting records are maintained, that the financial information on which business decisions are made and which is issued for publication is reliable and that the assets of the Company are safeguarded. Quixant is a member of the Quoted Companies Alliance.

The Board has delegated certain responsibilities to several sub-committees.

Audit Committee

The Board has established an audit committee with formally delegated duties and responsibilities, comprising not less than two non-executive directors. The audit committee will meet at least twice a year and will be responsible for ensuring that the financial performance of the Company is properly reported on and monitored, including reviews of the annual and interim accounts, results announcements, internal control systems and procedures and accounting policies. Guy van Zwanenberg has been appointed chairman of the audit committee.

Remuneration Committee

The Board has established a remuneration committee with formally delegated duties and responsibilities, comprising not less than two non-executive directors. The remuneration committee will meet at least once a year and will be responsible for setting the remuneration policy for the executives of the Company. Michael Peagram has been appointed chairman of the remuneration committee.

Nomination Committee

The Board has not deemed it necessary to form a nomination committee. The Board as a whole is responsible for determining from time to time whether it is appropriate to appoint new Directors.

Share Dealing Code

The Board has adopted a share dealing code which applies to all Directors and employees of the Company to ensure they are compliant with the provisions of the AIM Rule 21 and the requirements under the Financial Services and Markets Act 2000 and the Market Abuse Directive relating to trading in the Company's securities. The Board consider that this share dealing code is appropriate for a company whose shares are traded on AIM.

Takeover Code

The Company is a public company incorporated in England and Wales and headquartered in the UK. Accordingly, the Takeover Code applies to the Company and, as a result, shareholders are entitled to the benefit of the takeover offer protections provided under the Takeover Code.

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