Whilst companies whose shares are listed on AIM are not formally required to comply with the Combined Code, the Board supports the Code and applies it in so far as is practicable and appropriate for a public company of its size. The Board is committed to ensuring that high standards of corporate governance are maintained.
At 1 July 2014 the Board comprised five Directors, made up of one Executive Chairman, a Chief Financial Officer and three Non-Executive Directors. The Non-Executive Directors do not have any day to day involvement in the running of the business. The Board is responsible for overall strategy, the policy and decision making framework in which this strategy is implemented, approval of budgets, monitoring performance, and risk management. The Board meets at regular scheduled intervals and follows a formal agenda; it also meets as and when required.
The Directors may take independent professional advice at the Company's expense.
Heather Peacock is the Company Secretary ensuring compliance with all corporate governance requirements.
The Company has an Audit Committee, a Remuneration Committee and a Nominations Committee.
Peter Mainz chairs the Audit Committee with John Read being the other member of this committee.
Harry Berry chairs the Remuneration Committee with John Read being the other member of this committee.
John Read chairs the Nominations Committee, with all three Non-Executive Directors being members of this committee.
Relationships with Shareholders
The Board understands the need for clear communications with its shareholders. In addition to presentations after publication of results and the Annual General Meeting, meetings are held with fund managers, analysts, and institutional investors. Information is posted on the Company's web site, www.cyantechnology.com, which contains a comprehensive Investor Relations section.