Governance Overview

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.

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 latest 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
• People & Remuneration Committee
• Investment Committee

The terms of reference for these Committees can be found in the useful documents section of the website.