a summary of the findings of the penrose inquiry into ... - HM Treasury

an explanation from the directors of their responsibility for preparing the
accounts and a statement by the auditors about their reporting responsibilities
(C.1.1);
a statement from the directors that the business is a going concern, with
supporting assumptions or qualifications as necessary (C.1.2);
a report that the board has conducted a review of the effectiveness of the
group's system of internal controls (C.2.1);
a separate section describing the work of the audit committee in discharging
its responsibilities (C.3.3);
where there is no internal audit function, the reasons for the absence of such a
function (C.3.5);
where the board does not accept the. audit committee's recommendation on
the appointment, reappointment or removal of an external auditor, a statement
from the audit committee explaining the recommendation and the reasons why
the board has taken a different position (C.3.6); and
an explanation of how, if the auditor provides non-audit services, auditor
objectivity and independence is safeguarded (C.3.7).
The following information should be made available (which may be met by making
it available on request and placing the information available on the company's
website):
the terms of reference of the nomination, remuneration and audit committees,
explaining their role and the authority delegated to them by the board (A.4.1,
B.2.1 and C.3.3);
the terms and conditions of appointment of non-executive directors (A.4.4)
(see footnote 10 on page 9); and
where remuneration consultants are appointed, a statement of whether they
have any other connection with the company (B.2.1).
The board should set out to shareholders in the papers accompanying a resolution
to elector re-elect:
sufficient biographical details to enable shareholders to take an informed
decision on their election or re-election (A.7.1).