CORPORATE GOVERNANCE

The Directors acknowledge the importance of the Combined Code on Corporate Governance and apply its principles so far as is practicable and appropriate to a company of the size and nature of GoldStone.

The Company does not have a formal audit committee. All the directors receive and review reports from management and the Company’s auditors relating to the annual and interim accounts and the accounting and internal control systems of the Company. The Non-Executive Directors have unrestricted access to the Company’s external auditors.

The Remuneration Committee is made up of all Non-executive Directors and is chaired by Andrew Mcilwain. The Remuneration Committee reviews the scale and structure of the Executive Directors’ remuneration and the terms of their service contracts. The remuneration terms and conditions of appointment of the Non-Executive Directors are set by the Board.