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Ourcommittees

The Board is assisted by a number of committees which are responsible for a wide range of activities: from assessing the Group's financial statements and internal controls to monitoring areas of risk.

Audit Committee

The Audit Committee is responsible for helping the Board fulfill its oversight responsibilities; specifically the ongoing review, monitoring and assessment of:

  • The integrity of the financial statements, any formal announcements relating to financial performance and reviewing significant financial reporting judgments contained in them
  • The systems of internal control
  • The internal and external audit processes
  • Compliance with applicable laws and regulations in relation to the preparation of financial statements and reporting
  • The Society's ethical and business standards
  • The appointment, reappointment and removal of external auditors

Current members:

  • Mark Pain - Vice Chairman  (Committee Chair)
  • Gordon Ireland - Non-executive Director
  • Neeta Atkar - Non-executive Director

View the Internal Audit Charter - Short Form (156 KB) or the
Internal Audit Charter - Full (82 KB) for the Group Internal Audit function which is approved by the Audit Committee

View the Terms of the Reference (121 KB) for the Audit Committee

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Board Governance & Nominations Committee

The Board Governance & Nominations Committee is responsible for reviewing the composition of the Board and nominating candidates for the position of director. They take into account the balance of existing skills, knowledge and experience on the Board and make appropriate recommendations for future additions.

Current members:

  • John Heaps - Chairman
  • Alison Hutchinson - Non-executive Director
  • Mark Pain - Vice Chairman

View the Terms of the Reference (91 KB) for the Board Governance & Nominations Committee

If you'd like more information, the Board has published a detailed Corporate Governance Report (190 KB) in the 2016 Report & Accounts.

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Remuneration Committee

The Remuneration Committee is responsible for considering and approving the remuneration of executive directors and other senior managers.

The overall policy on executive directors' remuneration is:

  • It should be competitive with other comparable organisations in the financial sector
  • It should attract and retain high calibre individuals with the relevant experience
  • It should be based (in part) on the Society's financial and service performance (including customer satisfaction) and individual performance to motivate and reward successful business and personal performance

Current members:

  • Guy Parsons – Non-executive Director (Committee Chair)
  • John Heaps – Chairman
  • Alison Hutchinson – Non-executive Director

View the Terms of the Reference (37 KB) for the Remuneration Committee

View the 2016 Directors' Remuneration Report (205 KB) as contained in the 2016 Annual Report & Accounts

View the Reward Policy (198 KB)

View the Gender Pay Report (161 KB)

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Group Risk Committee

The Group Risk Committee is responsible for bringing together all risk information and reporting to the Board. They have specific responsibility for the oversight of capital resources, operational risks and monitoring and reporting on more general risk issues.

Current members:

  • Neeta Atkar - Non-executive Director (Committee Chair)
  • Alison Hutchinson - Non-executive Director
  • Mark Pain - Non-executive Director
  • Gordon Ireland - Non-executive Director

View the Terms of the Reference (166 KB) for the Risk Committee

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