As an AIM quoted company, Vast Resources plc is not required to comply with the UK Corporate Governance Code, but voluntarily complies to the extent considered appropriate in light of the Group’s size, stage of development and resources.

Board Committees

The principal standing committees appointed by the Board are as follows:

Audit Committee

The audit committee is responsible for ensuring that the financial performance of the Company is properly monitored and reported on and for meeting with the auditors and reviewing reports from the auditors relating to accounts and internal control systems.

The Audit Committee is comprised of Brian Moritz and Eric Diack. Eric Diack is the Chairman of the Committee.

Remuneration Committee

The remuneration committee reviews the performance of executive directors, sets the scale and structure of their remuneration and reviews the basis of their service agreements with due regard to the interests of the shareholders. The remuneration committee will also make recommendations to the Directors concerning the allocation of share options to Directors and employees. No Director is permitted to participate in discussions or decisions concerning their own remuneration. The remuneration and terms of appointment of the members of the remuneration committee are set by the Board.

The Remuneration Committee is comprised of the Board of Directors of the Company. Brian Moritz is the Chairman of the Committee.

Health, Safety, Environment and Community Committee

The health, safety, environment and community committee is responsible for the overall health, safety and environmental performance of the Company and its operations and its relationship with the local community.

The Health, Safety, Environment and Community Committee is comprised of Roy Pitchford and Craig Harvey (Zimbabwe) and Gabriela Dobrota (Romania). Roy Pitchford is the Chairman of the Committee.

Directors’ Responsibilities

The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Company, for safeguarding the assets, for taking reasonable steps for the prevention and detection of fraud and other irregularities and for the preparation of the financial statements which comply with the requirements of the Companies Act 1985.

The Directors have elected to prepare the financial statements for the Company in accordance with International Financial Reporting Standards (IFRS).

International Accounting Standard 1 requires that the financial statements present fairly for each financial period the Group’s and the Company’s financial position, financial performance and cash flows. This requires the faithful representation of the effects of transaction, other events and conditions in accordance with the definitions and recognition criteria for assets, liabilities, income and expenses set out in the International Accounting Standards Board’s ‘Framework for the preparation and presentation of financial statements’. In virtually all circumstances, a fair presentation will be achieved by compliance with all applicable International Financial Reporting Standards. A fair presentation also requires the Directors to:

  • select suitable accounting policies;
  • present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information; and
  • provide additional disclosures when compliance with the specific requirements in IFRS is insufficient to enable users to understand the impact of a particular transaction, other events and conditions on the entity’s financial position and financial performance.

Financial statements are published on the Company’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements, which may vary from legislation in other jurisdictions. The maintenance and integrity of the group’s website is the responsibility of the directors. The directors’ responsibility also extends to the ongoing integrity of the financial statements contained therein.