Board of Directors

Our Board is accountable to shareholders for the good corporate governance of the Group. It applies the principles and code of best practice set out in the Combined Code on Corporate Governance, adopted by the Financial Reporting Council in June 2006. Under the AIM rules the Group is not required to comply in full with the Code, nor to state where it departs from it. This statement sets out how the Board applies the principles of the Code to Sovereign Reversions plc.

The roles of Chairman and Chief Executive are split. There are three non-executive directors (including the Chairman), of whom the Rt. Hon John Gummer MP and Robert Lo are considered to be independent. The Company has not designated a senior independent director.

Our Board meets regularly four times a year, with additional meetings as required, to discuss issues relating to strategy, budgets, cash flow, acquisitions, financing policy, the approval of interim and preliminary announcements and dividend policy.

It also requires the Chief Executive to report at each meeting on corporate governance issues. Any complaints or compliance matters in relation to the Group's regulated subsidiaries are reviewed both by the relevant operating board, which meets monthly, and by the Board at its regular meetings.

Our Board has established a Remuneration Committee and an Audit Committee. Each Committee is chaired by Robert Lo.