The Tr reurnbull Committee was set up by the Institute of Chartered Accountants

in Engteland and Wales (IC A erEW) in 1999 to provide guidance to assist

compan e ies in implement rering the requirements of the Combined Code relating
to internal control.

The commit etee te provided guidance to ae ssist companiese in implem e enting

the
requireet eements of the Coe mbined Cer ode relating to internal control.
e
It
recommended that where companies do not have an intere nal audit function, the
board should consider the need t for car rying out an inter enal a eudit
annteually.

The committee also recommended t et ethat board of directors confirm the

existence of procedures for evaluation and managing key risks.

Coetrpor et ate Goveretnance is constante er ly evolving to reflect the current

corporate
econ eomic and legal environment.

To be effective, corporate er governance

pract ice e s need to be tailor to p e articular needs, objectives and risk
management
structee ure of an organization.