Governance

Directors and Board

The Group is controlled on behalf of its shareholders by the Board of Directors. The Board is made up of four directors comprising 2 non executives and 2 executives.

The roles of Chief Executive Officer and Chair are separate and there is a clear division of their responsibilities.

The non-executive directors bring their independent judgement to all issues related to strategy, performance, key appointments and resources.

The Company Secretary is responsible for ensuring that board procedures are followed and that applicable rules and regulations are complied with. All directors have the ability to take independent professional advice at the Group's expense should they consider it necessary.

Committees

The Board has established two committees, the Audit Committee and the Remuneration Committee. There are written terms of reference for both committees.

The Audit Committee has been established to determine the application of the financial reporting and internal control principles, including reviewing the effectiveness of the Group's financial reporting, internal control and risk management procedures and the scope, quality and results of the external audit. The Audit Committee meets at least twice a year with the external auditors.

The members of the Audit and Remuneration Committee are Robin Saunders and William Hughes, with William chairing both committees.

Risk management and internal control

The entire Board is responsible for managing the risks of the Group and employs senior employees with appropriate knowledge and skills to effectively manage the operational and financial risks of the business.

Internal audit

The Board considers an internal audit function to be inappropriate for a group the size of Cashbox. The Audit Committee will review this position annually with a view to establishing such a function when the Group is of appropriate size and complexity.

Relations with Shareholders

The Board recognises the importance of the effective communication with the Group's owners. The Group communicates to investors through its interim and annual results and also press releases issued via the London Stock Exchange. The Group regularly updates its website, at www.Cashboxplc.co.uk, with information including press releases.

The Board uses the Annual General Meeting to communicate with private and institutional shareholders and welcome their participation.

All shareholders will have at least 21 days notice of the Annual General Meeting at which the directors will be available to discuss aspects of performance and management in more detail.