Role of the committee

The role of the committee is to:

  • Monitor the integrity of the Company’s financial statements and any of the formal announcements relating to the Company's financial performance, and review significant financial reporting judgements
  • Review the effectiveness of risk management and internal control systems, including viability statements, and provides assurance to the Board
  • Monitor and reviews the effectiveness of the Group’s internal audit function
  • Review the effectiveness of the external audit process and independence of the external auditors
  • Approve the remuneration and terms of engagement of the external auditors and makes recommendations to the Board regarding their re-appointment
  • Develop and implements the non-audit services policy
  • Advise the Board on how it has discharged its responsibilities and considers whether the Annual Report and Accounts, taken as a whole, is fair, balanced and understandable

The Audit Committee Terms of Reference are available for download.


The Audit Committee met four times during 2016, and assisted the Board in the effective discharge of its responsibilities for financial reporting and internal control.

The Committee’s primary focus has been on the integrity of our financial reporting, related risk management and internal control activities, and compliance matters. During 2016 an audit tender process was completed, with the result that Ernst & Young LLP have been retained as the Company’s auditors. 

In addition, the Committee considered the full year results, the 2016 Annual Report and Accounts and the Group’s framework of controls comprising financial, operational and compliance controls.

Our priorities for 2017 are to:

  • Continue to monitor and review the effectiveness of the Group’s risk management and internal control framework
  • Focus on taxation matters in light of the enhanced global reporting environment
  • Ensure that the provisions of the UK Code continue to be met in relation to risk management and internal controls

Read René Médori’s 2016 Audit Committee Report.

The Committee considers the Annual Report and Accounts to be fair, balanced and understandable. 

René Médori, Chairman of the Audit Committee

René Médori