a) The Group will meet four times a year:
- In October, November and appropriate intervals based on the activities of the Group.
- The Group may meet additionally as required from time to time at the direction of the Chairman.
- Minutes of the meetings of the Group will be maintained by the BVCA acting as secretary of the Group.
b) All details of the proceedings of the Group shall be strictly confidential.
c) The Group will supervise the work of the independent advisory firm appointed to assist the Group with its monitoring activities. The Group will also oversee the work of the advisory firm appointed by the BVCA to produce a report on the performance of portfolio companies within the scope of the Guidelines.
d) The annual report will publicise the summary of the key findings and recommendations of the Group.
- The annual report will be issued following the November meeting and will reflect the activity for the prior year, including companies with a financial year ending in April.
e) The Chairman will be the sole designated spokesman for the Group in relation to the annual report and all other external communications of the Group.
f) All recommendations which are publicised in the annual report must be unanimously agreed upon by the members of the Group.
g) Members of the Group are responsible for monitoring conflicts of interest that may arise when their personal or professional interests or relationships are, or appear to be, incompatible with the remit of the Group and may impair the objectiveness and effectiveness of their conduct. Conflicts of interest could arise in a number of situations including the relationship of members of the Group with the advisory firms appointed to assist the Group and the interests members of the Group have in the firms covered by the Guidelines. The composition of the Group includes executives from private equity firms and they, along with the independent members of the Group, are expected to act in their own capacity and not as representatives of any organisation(s). For the purposes of assessing conflicts of interests, members of the Group must consider situations and interests which can reasonably be regarded as likely to give rise to a conflict of interest. If a situation arises or exists in which a member of the Group has or could have a conflict of interest, any Group Member may propose (either in writing to the Group or orally at a meeting of the Group) to the Group that such conflict of interest be authorised.