Board committees

Our board has established various committees, to help it in fulfilling its governance responsibilities.

Information on the role and work of these committees is detailed below.

Audit committee

The role of the audit committee is to assist the board on matters of financial reporting, risk management and internal control.

The main responsibilities of the audit committee include:

  • oversight of regulatory reporting
  • monitoring the integrity of the financial statements and any related announcements
  • monitoring the effectiveness of the group’s internal controls and financial risk management systems
  • monitoring and reviewing the effectiveness, independence and objectivity of the internal audit function
  • oversight of the relationship with the group’s external auditor
  • considering and making recommendations to the board for the appointment, reappointment and removal of the external auditor
  • monitoring and reviewing the group’s compliance with any tax obligations
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Investment and capital management committee

The role of the investment and capital management committee is to assist the board in discharging its duty to effectively identify, assess and manage investment and capital management related risks.

The main responsibilities of the investment and capital management committee include:

  • oversight of the group’s investment strategy
  • reviewing and approving the asset and liability management strategy
  • oversight, appointment and removal of investment consultants and managers
  • reviewing and monitoring the group’s capital adequacy and capital management plans
  • reviewing and monitoring liquidity, market and credit risk management strategies and policies
  • agreeing the bonus recommendations with the Chief actuary and making recommendations to the board
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Governance committee

The role of the governance committee is to assist the board in discharging its duty in the area of corporate governance, nominations and enterprise risk management.

The main responsibilities of the governance committee include:

  • oversight of governance arrangements
  • oversight of succession arrangements for executive and non executive directors
  • authorisation of senior appointments
  • monitoring progress against the group’s strategy
  • oversight of major infrastructure projects
  • oversight of enterprise risk management
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Operational risk and reputation committee

The role of the operational risk and reputation committee is to assist the board in discharging its duties in the area of operational, conduct and reputational risk management.

The main responsibilities of the operational risk and reputation committee include:

  • monitoring the adequacy of the conduct, reputational, regulatory compliance and business continuity risk management systems and making appropriate recommendations to the board
  • reviewing and reporting to the board on the systems governing the identification and management of conduct, reputational, regulatory compliance, and business continuity risks
  • receiving and reviewing regular reports from the executive and making appropriate recommendations to the board
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Remuneration committee

The role of the remuneration committee is to assist the board in discharging its duties in relation to the group’s remuneration related matters.

The main responsibilities of the remuneration committee include:

  • oversight of remuneration arrangements for directors
  • monitoring the level and structure of remuneration for the management team
  • determining the targets for any performance related pay plans for the group
  • oversight of any changes in employee benefit structures for the group
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