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Corporate GovernanceThe Board regards good corporate governance as being extremely important as the Board is accountable to the Society’s members for the operation of the Society. The Board is firmly of the view that, to comply with best practice in corporate governance, it should aim to adhere to the principles and provisions of the Combined Code (“the Code”) that are relevant to the building society – the Code being principally aimed at listed companies. The Board has published a detailed The Board The Board’s principal role is to focus on the Society’s strategy and ensure that the necessary resources are in place for the Group to meet its objective and that financial controls and systems of risk management are robust. It also provides a general direction to the organisation and is there to safeguard the interest of members. The Board maintains a schedule of matters specifically referred to it for decision in order to ensure that it exercises control over the Group’s affairs. These include, amongst other things, approval of the annual results and strategic aims of the Group as well as approval of policies and matters which must be approved by the Board under legislation of the Society’s Rules. The Board is also responsible for the recruitment and the terms of employment of the senior management team. The day-to-day running of the Society is delegated to the General Management team or are delegated to other specified members of staff and committees including the Asset & Liability Committee.
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