SETEC is governed by a Board of Directors who supports unreservedly the direction of SETEC’s business.

The Board is responsible for the proper management of the Group and for its system of corporate governance. It receives information on at least a monthly basis enabling the reviewing of trading performance, forecasts and strategy. The following matters are specifically reserved for its decision:

• Changes to the structure, size and composition of the Board
• Consideration of the independence of Non-Executive Directors
• Review of management structure and senior management responsibilities
• Approval of strategic plans and budgets and any material changes to them
• Oversight of the Group's operations, ensuring competent and prudent management, sound planning, an adequate system of internal control and adequate accounting and other records
• Final approval of annual financial statements and accounting policies
• Delegation of the Board's powers and authorities including the division of responsibilities between the Chairman, Chief Executive and the other Executive Directors