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## Audit Committee 

## Chairman’s overview 

The Audit Committee  currently consists of three non-executive Directors, considered by the Board to be independent. As can be seen from the biographical details on pages 36 and 37, the members of the Committee bring to it experience and expertise from a wide range of industries, including financial services and sectors closely related to building materials. The role and responsibilities of the Committee are summarised on page 46 along with the typical calendar of meetings. I would like to thank my colleagues on the Committee, senior management and the auditors for their significant commitment to the efficient and effective operation of the Committee. 

Ernst Bärtschi and Heather Ann McSharry joined the Committee in March 2012. They participated in an induction programme for new Audit Committee  members, details of which are set out on page 42. Dan O’Connor stepped down from the Committee on his appointment as Senior Independent Director in May 2012 and I would like to express my sincere appreciation to Dan for his significant contribution to the work of the Committee since his appointment in 2006. 

Ernst Bärtschi and I have been determined by the Board to be the Committee’s financial experts. 

## Review of Principal Activities in 2012 

The Committee met nine times during the course of 2012. The external auditors attend the majority of Committee meetings and report on any issues they believe should be brought to the attention of the Committee; in addition, they have direct access to me as Chairman at all times. In 2012, the Committee met with the Head of Internal Audit and with the external auditors in the absence of management. 

