Corporate Governance

The Directors are committed to maintaining high standards of corporate governance. Inspired Energy’s corporate governance framework takes account of the recommendations of the UK Corporate Governance Code and follows the principles of the QCA Corporate Governance Code for small and medium sized listed companies.

The Board has established an audit committee (the “Audit Committee”), a remuneration committee (the “Remuneration Committee”) and a nomination committee (the “Nomination Committee”) with formally delegated responsibilities. The Directors intend to comply, and procure compliance with, Rule 21 of the AIM Rules for Companies relating to dealings by directors and other applicable employees in the Company’s securities and, to this end, the Company has adopted an appropriate share dealing code.

In applying the principle that the Board should maintain a sound system of internal control to safeguard shareholders’ investments and the Group’s assets, the Directors recognise that they have overall responsibility for ensuring that the Group maintains proper accounting records and a system of internal control to provide them with reasonable assurance regarding effective and efficient operations, internal financial control and compliance with laws and regulations. However, there are inherent limitations in any system of internal control and, accordingly, even the most effective system can provide only reasonable, and not absolute, assurance particularly against misstatement or loss.

As might be expected in a group of this size, a key control procedure during the period was the day-to-day supervision of the business by the Executive Directors.

Audit Committee

The Board has established an audit committee compromising of Michael Fletcher, Richard Logan and Mark Dickinson, with Richard Logan as chairman.

Remuneration Committee

In addition, the Board has established a remuneration committee that comprises of Michael Fletcher, Mark Dickinson, Richard Logan with Michael Fletcher as chairman.

Nomination Committee

The Board has established a nominations committee compromising of Mark Dickinson, Michael Fletcher and Richard Logan, with Richard Logan as chairman.