Corporate Governance and the Board of Directors
The Board consists of 5 non-executive and 3 executive directors and is chaired by Tim Franklin, an independent non-executive director. The Nomination and Remuneration Committee considered the appropriateness of the Board’s composition during the year and concluded that it has the appropriate mix of skills and experience to fulfil its responsibilities. The Board meets no less than 9 times a year and its primary responsibility is to provide leadership to the Group, set the Group’s strategic objectives and to develop robust corporate governance and risk management practices. The Board delegates specific powers to other committees, details of which are set out below.
The Executive Committee (ExCo) consists of 3 executive directors and the senior management of the Group with functional responsibilities. It is chaired by Scott Maybury and meets twice monthly to deliberate and take policy decisions on the effective and efficient management of the Group. It also serves as a processing forum for issues to be discussed at the Board level. ExCo’s primary responsibility is to ensure the implementation of strategies approved by the Board, provide leadership to the management team and ensure efficient deployment of the Groups resources, including capital and liquidity.
Audit and Risk Committee
The Audit and Risk Committee (ARC) consists of 3 non-executive directors and is chaired by Christine Higgins, an independent non-executive director. ARC meets no less than 4 times a year and is primarily responsible for monitoring the integrity of the Group’s financial statements, the effectiveness of the internal audit function and external auditor, and the effectiveness of the internal controls and risk management systems.
Nomination and Remuneration Committee
The Nomination and Remuneration Committee consists of the 5 non-executive directors and is chaired by David Titmuss. The Committee meets no less than 4 times a year and is primarily responsible for reviewing the structure, size and composition of the Board, the performance of the executive directors, and succession planning and remuneration of the directors and other senior executives.