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REPORT OF THE AUDIT COMMITTEE
Introduction
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The Audit Committee is chaired
by Phil Hodkinson. The other members are Maarten van den Bergh, Clay Brendish,
John Nelson and Carl Symon. They are all independent non-executive directors.
They were members of the Committee throughout the 2007 financial year. Sir Anthony
Greener stepped down as chairman and a member of the Committee on 30 September
2006 when he retired from the Board, and Phil Hodkinson was appointed chairman
of the Committee on 1 October 2006. The Board considers that the Committee’s
members have broad commercial knowledge and extensive business leadership experience,
having held various roles in accountancy, financial management and supervision,
treasury and corporate finance and that there is a broad and suitable mix of
business, financial and IT experience on the Committee. The Board has reviewed
membership of the Committee and is satisfied that several of the Committee’s
members have the recent and relevant financial experience required for the provisions
of the Combined Code. It is the opinion of the Board that the Audit Committee
includes a member in the person of Phil Hodkinson who is an ‘audit committee
financial expert’ for the purposes of the US Sarbanes-Oxley Act.
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