The Audit Committee comprises the Non-Executive Directors and is chaired by John Grant. The external auditor and the Executive Directors are regularly invited to attend the meetings and the Committee also utilises its access to the external auditor’s advice without the presence of the Executive Directors. The Committee met on five separate occasions during the year.

During the year the Committee considered the adequacy and effectiveness of the risk management and control systems of the Group and requested updates to the Group’s corporate risk register. It also reviewed the scope and results of the annual external audit, its cost effectiveness and the objectivity and independence of the external auditor.

The Committee monitored the integrity of the financial statements of the company, including its annual financial statements for 2019 and other information included in the 2019 Annual Report, the interim financial statements

for 2020, all formal announcements relating to results and all significant financial reporting issues and judgements contained therein. The Committee have reviewed, in depth, the key assumptions around goodwill and other non-current asset impairment reviews, provisions, accounting for landfill tax assessments, deferred tax asset recognition, key assumptions around provisioning and adoption of the going concern assumption.

During the year the Audit Committee reviewed its own performance, its constitution and its terms of reference to ensure it was operating at maximum effectiveness. A full review of ethical standards and policy was also carried out, including for example the Anti-Tax Facilitation, Anti-Bribery, Whistleblowing and Modern Slavery policies. Recommendations were made to the Board for any changes it considered necessary.

DOWNLOAD

TERMS OF REFERENCE FOR THE AUDIT COMMITTEE