Governance

The Board

The Board of Galleon Holdings plc comprises the following members:

David Wong - Chairman
Stephen Green - Chief Executive Officer
Leonard Dunne - Managing Director
Hayden Eastwood - Finance Director
Pritesh Desai - Non-executive Director

Directors’ responsibilities for the financial statements

The Directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare financial statements in accordance with United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The financial statements are required by law to give a true and fair view of the state of affairs of the Group and Company and of the profit or loss of the Group for that period. In preparing these financial statements, the Directors are required to:

• • select suitable accounting policies and then apply them consistently;
• • make judgments and estimates that are reasonable and prudent;
• • state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
• • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The Directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Group and enable them to ensure that the financial statements comply with the Companies (Northern Ireland) Order 1986. They are also responsible for safeguarding the assets of the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Directors are aware:

• • there is no relevant audit information of which the Groups auditors are unaware; and
• • the Directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

The Directors are responsible for the maintenance and integrity of the corporate and financial information held on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Creditor payment policy

The Group and the Company's current policy concerning the payment of trade creditors is to:

    a) settle the terms of payment with suppliers when agreeing the terms of each transaction

    b) ensure that suppliers are made aware of the terms of payment by inclusion of relevant terms in contracts, and

    c) pay in accordance with the Group and the Company's contractual and other legal obligations.

International Financial Reporting Standards (“IFRS”)

The financial statements of the Group are prepared in accordance with International Financial Reporting Standards (IFRS) adopted by the European Union and IFRIC interpretations and with those parts of the Companies Act 1985 applicable to companies reporting under IFRS for the first time.  The financial statements have been prepared under the historical cost convention.

Remuneration Committee

The Remuneration committe comprises Pritesh Desai (Chairman), David Wong and Stephen Green. The Remuneration Committe determines the Executive Director's remuneration and meets as required.