D A Mahony BA, MSc David Mahony, aged 63, was appointed Non-Executive Director of the company in 1985, and Chairman in 1990. He holds a number of other directorships of public and private companies in a variety of industrial sectors.
		M T Turnage BA, MA, JD Mark Turnage, aged 46, is the Group Chief Executive. He was formerly President and Chief Operating Officer of Optical Security Group and joined the Board in 2000 following the acquisition of the group by Applied Holographics and the subsequent merger of the two companies under the name Applied Optical Technologies. A graduate of Yale Law School, Oxford University and the University of Colorado, he has worked as both an attorney and as a consultant with McKinsey & Co. He joined OpSec in 1994 and assumed the presidency in 1997. He also serves on several corporate and non-profit boards of directors.
		M W Angus BA, ACA Mike Angus, aged 43, graduated from Warwick University in Economics before joining Price Waterhouse, where he qualified as a chartered accountant in 1988. He was a senior manager of the Newcastle office's Audit and Business Advisory Service before joining the company in 1997. A member of the Board, he is the Finance Director and Company Secretary.
		R T Povey MA (OXON), DMS, MIMgt Richard Povey, aged 64, was appointed a Non-Executive Director of the Company in June 1999, and is the Senior Independent Non-Executive Director. He also holds a Non-Executive Directorship with the Govett Singapore Growth Fund.

The Board has the following Committees:

Audit Committee

The Audit Committee, which comprises the Non-Executive Directors and is chaired by Richard Povey, meets with the external auditors at least twice a year. The Committee considers and makes recommendations to the Board in relation to the independence and objectivity of the external auditors (including the impact of any non-audit work undertaken by them) and their suitability for re-appointment. The Audit Committee determines the scope of the external audit in discussion with the external auditors and agrees the fees in respect of the audit. The Committee also overviews the monitoring of the adequacy of the Group’s internal financial control procedures, accounting policies and financial reporting.

The Audit Committee reviews all services being provided by external auditors to review the independence and objectivity of the external auditors, taking into consideration relevant professional and regulatory requirements, so that these are not impaired by the provision of permissible non-audit services.

Remuneration Committee

The Non-Executive Directors act as the Remuneration Committee, which is chaired by David Mahony and is responsible for approving:

• The remuneration of the Executive Directors, having regard to their performance;
• Details of service contracts, pension arrangements and other terms and conditions on which Executive Directors are employed;
• Incentive bonus schemes and the allocation of share options to Executive Directors and other employees;

The committee normally meets twice a year to consider all aspects of remuneration for the Executive Directors.

The Nomination Committee

The Nomination Committee comprises David Mahony (Chairman), Richard Povey and Mark Turnage. The Committee, which meets on an ad hoc basis as required, considers and makes recommendations to the Board on the appointment of Directors.

The Risk Management Committee

The Risk Management Committee is chaired by Richard Povey and also comprises Mark Turnage and Mike Angus. The Committee meets once a year to consider the Group’s risk management strategy and reports directly to the Board.