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The company set up an Audit Committee of the Board of Directors, the members of which are Paul Mercieca, Eric Schembri and Robert Suban. Paul Mercieca, the chairman of the Audit Committee, is also the independent member of the committee who is competent in accounting and/or auditing in conformity with article 41 of Directive 2006/43/EC of the European Parliament and of the Council of 17 May 2006 on statutory audits of annual accounts and consolidated accounts amending Council Directives 78/660/EEC and 83/349/EEC and repealing Council Directive 84/253/EEC.

The Audit Committee’s primary objective is to assist the Board in dealing with issues of risk, control and governance; in reviewing the company’s financial policies and reporting processes and internal control structure. The Audit Committee also oversees the conduct of the external audit and facilitates communication between the company’s Board, management, and external auditors.