myhome corporate governance

The Board is responsible for establishing the strategic direction of the Company, monitoring the Company's performance against its business plan and its trading performance. On Admission the Board will consist of four Executive Directors and two Non-Executive Directors.

Robert Boot has been nominated as the senior independent Non-Executive Director. The Board has a procedure through which the Directors are able to take independent advice in the furtherance of their responsibilities. David Venus is the Company Secretary.

Following Admission, the Company and the Directors intend to comply with the Combined Code so far as is reasonably practicable for a company of the Company's size. Where full compliance is not appropriate due to the Company's size, the Directors will refer to guidance issued by the Quoted Companies Alliance.

The Board meets regularly throughout the year and all necessary information is supplied to the Directors on a timely basis to enable them to discharge their desires effectively. Additionally, special meetings will take place or other arrangements will be made when Board decisions are required in advance of regular meetings.

The Board has established guidelines requiring specific matters to be subject to a decision by the full Board (with other matters delegated to Board committees). The Board is responsible for leading and controlling the Company and in particular for formulating, reviewing and approving the Company's strategy, budget, major items of capital expenditure and acquisitions and disposals.

In addition, the Board has established the Remuneration Committee and the Audit Committee with formally delegated duties and responsibilities, which have written terms of reference.

The Remuneration Committee

This committee is chaired by George Robert Boot. Its other member is Arif Virani.

Only Non-Executive Directors will sit on the Remuneration Committee. The Remuneration Committee will meet formally at least twice a year and otherwise as required. The Remuneration Committee, within agreed terms of reference, will consider all material elements of remuneration policy, remuneration and incentives of Executive Directors (including pension rights and compensation payments) and senior management with reference to independent remuneration research and professional advice.

The Board will then be responsible for implementing the recommendations and agreeing the remuneration packages of individual Directors. The Remuneration Committee will also be responsible for making recommendations for grants of options under the Share Option Plans and setting performance conditions attached to the grant of options under the Share Options Plans.

In accordance with the Remuneration Committee's terms of reference, no Director will be able to participate in discussions relating to his own terms and conditions of remuneration. Non-Executive Directors' and the Chairman's fees will be determined by the full Board on the advice of the Remuneration Committee.

The Audit Committee

The Audit Committee is chaired by George Robert Boot and also comprises Arif Virani. It will meet whenever there is business to discuss and at least twice each year. The Audit Committee is responsible for ensuring that the financial performance of the Company is properly monitored, controlled and reported on. It will also meet the auditors without Executive Directors being present and review reports from the auditors relating to accounts and internal controlled systems.