The Board believes that the Company was compliant with the Code throughout the year, save in the following respect.
The Company has not, throughout the full year, met the requirement of the Code for at least half the board, excluding the chairman, to comprise independent non-executive directors. As previously stated, whilst under the Code Mr López Jiménez is not deemed to be independent of management, the Board considers him to be independent in character and judgement.
Further, since his appointment as Chairman of the Board on 1 August 2009, Mr Franklin is no longer deemed to be independent under the Code.
