DIRECTORS’ REPORT

The directors present their report and the audited financial statements of the Group for the year ended 31 December 2007.

DIRECTORS AND DIRECTORS’ INTERESTS

The directors who held office during the year and until the date of these accounts were:

The following directors resigned from office during the year :

Directors’ interests :

As at the date of this report, the interest of the directors and their related entities in the shares and options of Noventa Limited were :

According to the register of directors' interest, other than as disclosed above no rights to subscribe for shares of the company or any other group company were granted to any of the directors or their immediate families, or exercised by them, during the financial year.

Details of the nature and amount of each element of remuneration earned by each director of the Group during the financial year are shown in the table below.

Senior management

⁽¹⁾ Includes payments to GraviTa for consulting services.
⁽²⁾ Includes payments to Sazerac Management Corporation for Dr Herselman’s services until 28 February 2007.
⁽³⁾ Includes payments to Alitum Africa (Proprietary) Limited for consultancy services.

Meetings of directors

The Board has established four standing committees to assist in the execution of its responsibilities : the Audit Committee, the Remuneration Committee, the Nomination Committee and the Health, Safety, Environment & Community Committee. Other committees may be formed from time to time to deal with specific matters. Each committee operates under a charter approved by the Board detailing their role, structure, responsibilities and membership requirements. Each committee comprises a majority of non-executive directors and is chaired by a non-executive director.

The number of meetings of the Board of directors of Noventa held during the year ended 31 December 2007 (i.e. since admission) and the number of meetings attended by each director are tabled below :