Board committees

The Audit Committee has responsibility for:

• monitoring the integrity of the financial statements of the Company
• overseeing the internal audit function and reviewing the internal financial controls
• consideration of the scope and planning of internal financial audits and reviews the process for identifying and managing financial risk and the findings of those audits
• reviewing the Company’s procedure for handling allegations from whistleblowers and any whistle-blowing events brought to its attention
• agreeing the audit fee and recommending for Board approval a policy for non-audit services

Read the Audit Committee Terms of Reference

The Remuneration Committee has responsibility for:

• recommending to the Board the Company’s general policy on remuneration
• 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 Remuneration report in the 2011 Annual Report (pages 43-54).

Read the Remuneration Committee Terms of Reference

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
• reviewing the performance of the Chief Executive at least annually
• nominating candidates for appointment to the Board
• reviewing and advising upon succession planning

Read the Nomination Committee Terms of Reference

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