Directors and Committees

DIRECTORS

Professor Gerry Musgrave, Executive Chairman

Professor Musgrave has combined an academic career and commercial management for 30 years. He has previously been a director of a number of companies including Cirrus Computers, Plessey Finance Corporation, Siemens plc and Non-executive Chairman of Synergo Technologies Limited. He is currently Executive Chairman of Mechadyne plc, an unquoted technology company. He was appointed to the Board in November 1998.

Phil Cartmell, Chief Executive Officer

Mr. Cartmell has a highly active career in business, having formerly been Chief Executive of Vega Group PLC between 2001 and 2008 where he grew the company into a leading European aerospace and defence business.  In February 2008, Vega Group was acquired by Italian multi-national, Finmeccanica, for a substantial premium.  He has a number of other directorships including Non-Executive Director of Trafficmaster PLC.  He was appointed to the Board in September 2009.

Mark Crawford, Finance and Commercial Director  

Mark Crawford is a chartered accountant and has been a director of various companies, most recently Gondola Group Plc, where he was primarily responsible for managing the extensive supply chain. Mark started working with Corac in October 2009.

Julian Reed, Engineering Director

Mr Reed was recruited to manage and build the design and development team for high-speed centrifugal compressor development and associated technologies at Corac. He was formerly a Senior Mechanical Engineer at WS Atkins Consultants Limited, Director and Consulting Mechanical Engineer at Neale Consulting Engineers, and Design and Development Engineer at British Alcan Aluminium plc. He joined the Company in September 2000 and was appointed to the Board in November 2001.

Alan Wood CBE, Non-Executive Director

Mr Wood has recently retired as Chief Executive of Siemens plc, having held that post since 1998. During his 25 years with Siemens, he acquired a justified reputation for organising efficient and effective manufacturing processes for technology products, and this expertise will be invaluable to Corac in the move to commercialisation. Mr Wood is also active within the CBI, being Chairman of the South East Regional Council, as well as the German-British Chamber of Industry and Commerce and the Engineering Employers Federation. Mr Wood was appointed to the Board in April 2006, is currently Chairman of the Remuneration and Audit Committees.

Siân Westerman, Non-Executive Director 

Siân Westerman is a Managing Director in the Investment Banking Division of NM Rothschild & Sons Limited, specialising in complex mergers, acquisitions and disposals, capital raisings, corporate governance, strategic advice and investor communication issues.  Siân is also a Director of NM Rothschild Corporate Finance Limited, a Non-Executive Director of A.S.H.S Limited, the holding company for the business of Anya Hindmarch and a director of Westside Independent School. She qualified as a solicitor with Slaughter and May in 1988. She was appointed to the Board in July 2008 and sits on the Audit Committee.

COMMITTEES

The board committees

The board has delegated specific responsibilities to the following committees. Each committee is comprised solely of non-executive directors and operates within defined terms of reference set by the board.

Audit committee

The committee has responsibility for, among other things:

• Monitoring the integrity of the financial statements of the company and any formal announcements relating to the company’s financial performance.
• Reviewing any significant financial reporting judgements contained in them.
• Reviewing the company’s internal controls and risk management systems.
• Making recommendations to the board in relation to the appointment, remuneration and resignation or dismissal of the group's external auditors.
• Reviewing and monitoring the external auditors’ independence and objectivity, including the nature and extent of the non-audit services provided by their affiliated firms, and the effectiveness of the audit process.
• Considering compliance with legal requirements, accounting standards and the AIM Rules.

Remuneration committee

The remuneration committee is responsible for determining, within agreed terms of reference, the policy for the remuneration of the executive directors. The committee is also responsible for determining the individual remuneration packages for executive directors, the level and terms of grants of options and awards and the terms of any performance conditions to apply to the exercise of such options and awards, pension rights and other benefits. Where the remuneration committee considers it appropriate, the committee will also make recommendations in relation to the remuneration of senior management.