The Board has set up the following subcommittees to assist it in the

decision-making process and for the purposes of good corporate

conducting their role effectively so that the Company’s decision-

making capability and the accuracy of its reporting and financial

results are maintained at a high level at all times.

The Audit Committee is composed of four members – Mr Roderick

Chalmers (Chairman), Mr Vincent Curmi, Mr Alberto Miceli Farrugia

and Mr Charles Borg – all being Non-Executive Directors. All

directors on the Audit Committee are independent and, in the

opinion of the Board, are free from any significant business, family

or other relationship with the Company, its shareholders or its

management that would create a conflict of interest such as to

the external audits and acts to facilitate communication between

the Board, Management and the external auditors.

The external auditors are invited to attend specific meetings of

the Audit Committee and are also entitled to convene a meeting

of the Committee if they consider that it is necessary so to do. The

Chairman, the Chief Executive Officer and the Financial Controller

are also invited to attend Audit Committee meetings. Members

of management may be asked to attend specific meetings at the

discretion of the Audit Committee.

During the year ended 31 January 2022, the Audit Committee held

deliberation and decision on the transaction concerned.

Control mechanisms relevant to the reporting of related party

transactions are in place to ensure that information is vetted and

collated on a timely basis, before reporting to the Related Party

Transactions Committee for independent and final review of the

transactions concerned.

The Remuneration Committee is dealt with under the

Remuneration Report which also includes the Remuneration

Statement in terms of Code Provisions 8.A.3 and 8.A.4.

The Nomination Committee chaired by the Chairman is entrusted