There is no formal corporate governance regime applicable to BVI companies. However, the Company operates substantially in compliance with the QCA's Corporate Governance Code for Small and Mid-size Quoted Companies 2013 to the extent considered applicable to the Company.
At inception, the Directors established an Audit Committee and a Remuneration Committee with formally delegated rules and responsibilities. Each of these committees meet regularly and at least twice each year.
The Audit Committee, comprising Neel Sahai and Patrick Hall, is chaired by Neel Sahai. The Audit Committee determines and examines any matters relating to the financial affairs of the Company, including the terms of engagement of the Company's auditors and, in consultation with the auditors, the scope of the audit. It receives and reviews reports from the Asset Manager and the Company's auditors relating to the interim and annual accounts and the accounting and the internal control systems in use throughout the Company, in addition to ensuring that the financial performance, position and prospects of the Company are properly monitored and reported on. The Audit Committee have unrestricted access to the Company's auditors.
The Remuneration Committee, comprising Patrick Hall and Richard Barnes, is chaired by Richard Barnes. The Remuneration Committee reviews the scale and structure of the Directors' remuneration. It is also responsible for monitoring the performance of the Asset Manager and considering any modification to the terms of the agreement with the Asset Manager and other advisers.