The Board fully supports the underlying principles of corporate governance contained in the Combined Code. Notwithstanding that it is not required to comply with such recommendations, it has sought to comply with the provisions of the Code, in so far as is practicable and appropriate for a public company of its size and nature, and recognises its overall responsibility for the Company’s systems of internal control and for monitoring their effectiveness.

The main features of the Company’s corporate governance procedures, which do not constitute full compliance with the Combined Code, are as follows:

• the Board has three independent non-executive directors;
• the Company has a nominations committee which consists of the Chief Executive and the three non-executive directors, and an audit committee and a remuneration committee which consist of the three non-executive directors which will meet regularly with executive directors in attendance by invitation. The audit committee has unrestricted access to the Group’s auditors and will ensure that auditor independence has not been compromised;
• all business activity is organised within a defined structure with formal lines of responsibility and delegation of authority, including a schedule of “matters referred to the Board”; and
• regular monitoring of key performance indicators and financial results together with comparison of these against expectations.

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Pressure Technologies was incorporated in England and Wales on 2 March 2007 with number 6135104.

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