Corporate Governance

At the end of 2007 we were commended by our regulator the Financial Services Authority (now the Financial Conduct Authority) for our approach to the important subject of corporate governance. Even without a statutory obligation to maintain good corporate governance we have always held the belief that it is fundamental to any firms responsibilities and obligations to those who have a vested interest in the business. Indeed good governance is not only important to the organisation concerned but as we have seen is also fundamental to the stability of the wider economy. We believe the practices we have embedded at the Society have been one of the key factors in enabling us to weather the difficult economic environment.

What is Corporate Governance?

Corporate governance deals with the relationships and responsibilities that exist between the Board, the management team, Members and other relevant stakeholders within a legal and regulatory framework. The Society is committed to high standards of corporate governance. It is the process by which the objectives of organisations are established, achieved and monitored.

In July 2005 The Annotated Combined Code on Corporate Governance for Mutual Insurers was published. The Society has sought to comply with the full code.  The Board believes that the Society complied with each code provision throughout the year unless otherwise stated. Full information on our corporate governance approach can be found in the 127th Annual Report and Accounts.

There are three important Committees that make up a part of our corporate governance arrangements.

They are:

  • Audit and Risk Committee
  • Nomination & Remuneration Committee
  • Investment Committee

The terms of reference for these Committees are currently being reviewed and will be made available shortly.