Corporate Governance Code

Kromek Corporate Governance Code

Chairman’s Introduction

Our aim is to transform people’s lives through our multispectral radiation detection products and technologies. Our systems enable our end users to take optimal decisions, which increase operational efficiency and reduce costs, using superior quality of information. Whether in combatting terrorism or in effectively diagnosing disease Kromek products are designed to make people safer. This corporate governance code supports the Board’s role to ensure that Kromek is managed for the long-term benefit of all stakeholders, with effective and efficient decision-making, reducing risk and adding value to our business.

Chairman

Changes to corporate governance regime

In line with the London Stock Exchange’s changes to the AIM Rules requiring all AIM-listed companies to adopt and comply with a recognised corporate governance code, we have decided to adopt Quoted Companies Alliance (QCA) Corporate Governance Code. The QCA Code identifies ten key principles that focus on the pursuit of medium to long-term value for shareholders without stifling the entrepreneurial spirit upon which the company was created.

This document broadly sets out how we comply and will be updated annually to update our activity which impacts the code.

Kromek Corporate Governance Code [PDF]

Audit committee

The audit committee is chaired by Christopher Wilks and its other members are Sir Peter Williams, Laurence Kinet and Jerel Whittingham, all of whom are independent non-executive directors. The audit committee seeks to ensure that the financial performance of the Company is properly reported on and reviewed. Its role includes monitoring the integrity of the financial statements of the Company (including annual and interim accounts and results announcements), reviewing internal control and risk management systems, reviewing any changes to accounting policies, reviewing and monitoring the extent of the non-audit services undertaken by external auditors and advising on their appointment.

Remuneration committee

The Remuneration Committee is chaired by Jerel Whittingham and its other member is Laurence Kinet and Christopher Wilks. The Remuneration Committee ensures that the Company’s remuneration policy and practice promotes, encourages and drives the long-term growth of shareholder value in an effective manner and in accordance with the Board’s strategy and policies. More particularly, the Remuneration Committee determines, within the agreed terms of reference, the Company’s policy on the remuneration packages of the Company’s Chief Executive, Chairman, the Executive Directors, the Company Secretary, senior managers and such other members of the executive management as it is designated to consider. The Remuneration Committee also has responsibility for determining (within the terms of the Company’s policy and in consultation with the Chairman and/or the Chief Executive Officer) the total individual remuneration package for each executive director, the Company Secretary and other designated senior executives (including bonuses, incentive payments and share options or other share awards). The remuneration of non-executive directors will be a matter for the Chairman and executive directors of the Board.

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