The directors will comply with the provisions of the QCA Guidelines.
There is a clear division of responsibility between the Chairman and the Chief Executive. The Board comprises five directors, two of whom are independent non-executive directors. None of the non-executive directors have day-to-day involvement in running the business of the Company. The Board is responsible for overall strategy, approval of major projects and consideration of significant financing matters. The Board meets at regular, scheduled intervals and follows a formal agenda and can also meet to approve specific transactions.
The directors will comply with Rule 19 of the AIM Rules relating to directors’ dealings as applicable to AIM companies and will also take all reasonable steps to ensure compliance by the Company’s applicable employees.
Ibex is controlled from Guernsey, with the day to day management and compliance responsibilities falling to Heritage Insurance Management, Ibex’s managers. Overseeing this is the Ibex Board (comprising of two local non-executive directors and Colin Davison and Chris Ward).
The Audit Committee is chaired by Tony Shearer. It will determine the application of the financial reporting and internal control principles, including reviewing the effectiveness of the Group’s financial reporting, internal control and risk management procedures and the scope, quality and results of the external audit.
The Remuneration Committee is chaired by Paul Wilson. It will review the performance of the executive directors and will set their remuneration, determine the payment of bonuses to executive directors and consider bonus and option schemes. Each of the executive directors will take no part in the discussions concerning their remuneration.
The Nomination Committee is chaired by Paul Wilson. It will oversee the selection and appointment of executive and non-executive directors to the Board, as well as ensuring that each of the Committees are represented by suitable members.