Annual report 2005 - Xeikon

Nomination committee
The Nominations Committee will meet as and when
necessary to assess the suitability of candidates
proposed for appointment by the Board and to
prepare a description of the role and capabilities
required for a particular appointment. The chairman
of the Nomination Committee is Geoffrey White.
Relationships with shareholders
The Board recognises the importance of maintaining
regular dialogue with institutional shareholders to
ensure that its strategy and any concerns can be
addressed. In addition, all shareholders have the
opportunity to attend the Annual General Meeting
where the group’s operations can be discussed with
the directors. The Chairman and Chief Financial Officer
make themselves available for meetings with
analysts and representatives of the major shareholders on
the day of the preliminary announcement of the
annual results and half year results or shortly thereafter
and upon request at other times of the year. They
report to the Board on shareholders’ views.
Relationship with the auditor
During the reported year BDO Stoy Hayward LLP
provided tax advice to the company and its principal
subsidiaries. The Board has considered the effect on
independence of the auditor and the objective criteria on
which any decisions to appoint BDO Stoy Hayward LLP
should be made. It was concluded that in the
circumstances its appointment as tax advisors was the
most cost-effective means of securing appropriate
advice without a serious risk of affecting the
independence of the auditor. BDO Stoy Hayward
LLP has confirmed that it does not consider its
independence to be affected. The Board has developed
policies to safeguard the independence of the auditor
based on:
• Internal BDO Stoy Hayward LLP processes to
prevent information being shared between
teams except where it is appropriate;
• Separate consideration of each category or major
item of work, including the cost effectiveness of any
proposed work and the suitability of competing
advisors; and
• Consideration of the total level of fees payable
to BDO Stoy Hayward LLP and other member firms.
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