Corporate governance

Leisure & Gaming’s AiM listing does not require the company to follow the provisions of the 2003 FRC combined code established in the Financial Services Authority listing rules. However, the company chooses to comply, where practical, with the principles described in Section 1 of the Code.

 

The company is controlled through its board of directors which currently comprises one executive and two non-executive members. The board meets on a monthly basis and operates within a formal schedule of matters reserved to it. The board is responsible for setting the long-term group strategy and reviews the policies and procedures to achieve that strategy, in particular, acquisition and investment policy, approval of the group’s annual budget and consideration of significant financing matters. There is a clear division of responsibilities between the chairman and the chief executive. The board has delegated clearly defined powers to its audit committee and its remuneration committee.

 

The directors are committed to high standards of corporate governance.

Audit committee

The audit committee is chaired by Neil Craven. A representative of the auditors is normally invited to the meetings. The terms of reference of the committee include:

•  reviewing the company’s internal financial controls;

•  satisfying itself that the statement of financial results gives a true and fair account of the company’s affairs;

•  considering the appointment and remuneration of the auditors and monitoring the extent to which they provide other professional services to the company.

Remuneration committee

The remuneration committee is chaired by Neil Craven. It meets when necessary to discuss the overall remuneration for the executive directors and key members of senior management.

Relations with shareholders

The company values its dialogue with shareholders and seeks optimum transparency. Chief executive Richard Creed is committed to providing regular key performance indicator figures to investors, realistic forecasts and comprehensive analyst briefings to promote the generation of independent broker notes.

 

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