About the Combined Code
The Combined Code on Corporate Governance ('the Code”) was first published in July 2003 by the Financial Reporting Council ('FRC'). The FRC exists to promote and secure good financial reporting and its members include representatives from the City, the accountancy and legal professions, chairmen and directors of public companies and regulators.

The Code applies to all fully-listed UK companies and its main aim is to enhance board effectiveness and to improve investor confidence by raising the standards of corporate governance. It defines the role of the board, the chairman and directors; records procedures that apply to board members; and contains guidelines concerning the chairman, chief executive and audit committee. 

The Code contains a 'comply or explain' policy which recognises that some companies will have good reasons for not complying with certain provisions and gives them the opportunity to explain. A full version can found on the FRC’s website.

Compliance with the Combined Code
This statement is extracted from page 45 of our 2007 annual report.

Throughout the year ended 4 January 2008 the Company has been in compliance with Section 1 of the June 2006 edition of the Combined Code on Corporate Governance (the Code) which was adopted on a voluntary basis for the year beginning 5 January 2007.

This statement describes how the Company has applied the main and supporting principles of the Code. It should be read in conjunction with the Business Review and the Remuneration Report on pages 16 to 39 and pages 50 to 59 of our 2007 annual report.

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