The Laird Board delegates certain responsibilities to its committees, whose terms of reference are documented and signed by the Board. The key terms are outlined below and the full terms of reference for each committee are available on the links below:

Audit Committee

The Audit Committee has responsibility for:

  • Reviewing the financial results announcements and financial statements and any significant financial reporting issues and judgments which they may contain.
  • Advising the Board on whether the Annual Report and Accounts, taken as a whole, are fair, balanced and understandable and provide the information necessary for shareholders to assess the Company’s performance, business model and strategy.
  • Ensuring compliance with applicable accounting standards and reviewing the appropriateness of accounting policies and practices in place.
  • Assessing the adequacy of the internal financial control environment and the processes in place to monitor this, including reviewing the performance of the internal audit team.
  • Overseeing the relationship with the external auditor, reviewing their performance and advising the Board on their appointment and remuneration.
  • Ensuring appropriate safeguards are in place for individuals to raise issues with the Board where a breach of conduct or compliance, including any financial reporting irregularity, is suspected.
  • Reviewing the effectiveness of the Company’s internal controls to guard against and detect fraud and to consider the Company’s response to any such occurrence.

Read the Audit Committee Terms of Reference

Remuneration Committee

The Remuneration Committee has responsibility for:

  • Recommending to the Board the Company's Directors’ Remuneration Report.
  • Determining the remuneration and benefits of the Chairman and Executive Directors and the grant of all options and awards of shares under the Long Term Incentive Plan (the Chairman does not attend discussions on his own remuneration).

The Remuneration Committee believes that having an incentive-driven remuneration package promotes the alignment of the interests of Executive Directors and shareholders. The policy on the remuneration of Executive Directors is regularly reviewed taking into account market practice, the individual's performance, the performance of Laird and other pay structures within Laird.

Detailed information can be found in the Directors’ Remuneration Report in the 2016 Annual Report (page 60).

Read the Remuneration Committee Terms of Reference

Directors’ Remuneration Policy & Disclosures:

Nomination Committee

The Nomination Committee has responsibility for:

  • Regularly reviewing the structure, size and composition (including the balance of skills, knowledge and experience) required of the Board and making recommendations to the Board with regard to any changes.
  • Nominating candidates for appointment to the Board.
  • Reviewing and advising upon succession planning.
  • Reviewing the performance of the Chief Executive.

Read the Nomination Committee Terms of Reference

Administration Committee

The Administration Committee consists of any two or more Directors and deals with items of a routine and administrative nature.

Read the Administration Committee Terms of Reference