Board Committees

Information about our Board committees

Audit Committee

Audit Committee members:

  • Colin Ledlie (Committee Chair)
  • Natalie Ceeney, CBE (Senior Independent Director)
  • Suzy Neubert (Non-Executive Director)

The committee is responsible for:

  • the financial reporting process and outputs so as to ensure the balance, transparency and integrity of published financial information including our Annual Report to guarantee these are fair, balanced and understandable;
  • the appointment, effectiveness and independence of our external auditors and the use of the external auditor for non-audit work;
  • the effectiveness of the internal control framework and risk management systems; and
  • reviewing the effectiveness of the internal audit function whose remit covers all risk classes.

The committee is supported by Internal Audit, who are responsible for independently checking that our risk management and internal control systems are effective.

The Internal Audit function takes its authority from the Audit Committee through the committee’s approval of Internal Audit’s Charter and Annual Plan.

Audit Committee Terms of Reference (PDF, 136 KB)

Internal Audit Charter (PDF, 436 KB)

Investment Committee

Investment Committee members:

  • Suzy Neubert (Committee Chair)
  • Colin Ledlie (Non-Executive Director)
  • Susan McInnes (Non-Executive Director)
  • Barry Cudmore (Chief Finance Officer)

The committee is responsible for:

  • acting for members by ensuring that assets are invested in an appropriate way to meet the needs of its members and policyholders;
  • monitoring how the group's investments are managed and to review the performance of the fund manager and how well it is investing members' money and our other investments; and
  • developing, overseeing and recommending the investment strategy for the group on behalf of the Board. It does this by ensuring the strategy is within risk appetite and developed in accordance with the PPFMs and the requirements for the fair treatment of with-profits policyholders.

Investment Committee Terms of Reference (PDF, 92 KB)

Risk Committee

Risk Committee members:

  • Susan McInnes (Committee Chair)
  • Natalie Ceeney, CBE (Senior Independent Director)
  • Colin Ledlie (Non-Executive Director)

The Risk Committee is responsible for:

  • monitoring and assisting the Board in its risk and capital management responsibilities, in particular, the effectiveness of the group's systems and controls;
  • determining the group’s strategy, appetite and tolerances to risk including the monitoring of emerging and principal risks; and
  • assisting the Board to identify and embed an appropriate risk culture for the business and ensures that the Risk Management Framework is appropriately embedded.

Risk Committee Terms of Reference (PDF, 257 KB)

Remuneration and Nomination Committee

Remuneration and Nomination Committee members:

  • Natalie Ceeney, CBE (Committee Chair)
  • Simon Moore (Chair)
  • Susan McInnes (Non-Executive Director)
  • Suzy Neubert (Non-Executive Director)

The Remuneration and Nomination Committee is responsible for:

  • reviewing salary and bonus levels, considering gender pay reporting and wider workforce pay trends and policies;
  • ensuring that the highest levels of governance are followed and complies with remuneration regulations in the UK Corporate Governance Code and the SII regulations;
  • agreeing our policy on executive pay, the specific pay packages for each of our executive directors and certain senior managers and has oversight of the policy and governance of variable remuneration across the group;
  • reviewing and evaluating the size, structure and composition of the Board and its committees, and to ensure succession plans are in place for the Board, the Executive Committee and the company secretary; and
  • the oversight of the appointment process and identifying and recommending candidates based on merit.

Remuneration and Nomination Committee Terms of Reference (PDF, 162 KB)

With-Profits Committee (WPC)

With-Profits Committee members: 

  • Ian Blanchard (Committee Chair and Teachers Nominee)
  • Susan McInnes (Non-Executive Director)
  • Colin Ledlie (Non-Executive Director)
  • Mike Kipling (Independent Director)
  • Veronica Oak (Independent Director)

The With-Profits Committee is responsible for:

  • acting in an advisory capacity to inform the decision-making of the LVFS Board;
  • acting as a means by which the interests of with-profits policyholders are appropriately considered within an insurer’s governance structures;
  • making sure the group is working in-line with its Principles and Practice of Financial Management which is the document that outlines our approach to the financial management of with-profits investments to make sure our customers are treated fairly; and ensuring that any possible conflicts of interest between different policyholders are resolved.

With-Profits Committee Terms of Reference (PDF, 106 KB)

RNPFN Supervisory Board

RNPFN Supervisory Board members:

  • Mike Kipling (Interim Chair and Independent Member)
  • Rodney Baker-Bates (Independent Member)
  • Veronica Oak (Independent Member)
  • Paul Downey (LV= Appointed Member)
  • Ian Blanchard (LV= Appointed Member)

The interests of the Royal National Pension Fund for Nurses (RNPFN) policyholders are looked after by a Supervisory Board. The Supervisory Board was established by Liverpool Victoria Financial Services limited (LVFS) in accordance with the terms of the court schemes to monitor compliance including the investment and bonus policies being pursued in relation to the RNPFN Fund. The RNPFN Fund is a ring-fenced sub-fund within the LVFS which holds the remaining business transferred from the Royal National Pension Fund for Nurses on 31 December 2001. The Supervisory Board also acts as the With-Profits Committee for the Fund.

RNPFN With-Profits Committee Terms of Reference, (PDF, 95 KB)

Find out more about RNPFN

Independent committee members

Below you can read about our other committee members, who aren't on the LV= Board.

Ian Blanchard

  • With-Profits Committee – Committee Chair and Teachers Nominee
  • RNPFN Supervisory Board – LV= Appointed Member

Ian is a qualified actuary with more than 40 years’ experience in the financial services industry. Ian worked for LV= between 1996 and 2008 where he was group actuary and the chair of trustees for the LV= Defined Benefit Pension Scheme. Ian joined Teachers Assurance in 2008 as finance director. As part of the transfer of the Teachers business to LV=, Ian joined the LV= With-Profits Committee in 2016. He is currently chair of the LV= With-Profits Committee and a member of the RNPFN Supervisory Board. Ian is also a non-executive director at Benenden Healthcare.

Mike Kipling

  • With-Profits Committee – Independent Director
  • RNPFN Supervisory Board – Interim Chair and Independent Member

Mike joined the RNPFN Supervisory Board in 2018 and the LV= With-Profits Committee in 2020. He is a qualified actuary with more than 40 years’ experience in the financial services industry. He was chief actuary at Royal & Sun Alliance Life from 1999 to 2004, and from 2012 to 2017 he was with profits actuary at Friends Life. Mike was a member of the Council of the Institute of Actuaries for 15 years, including two years as a vice president. He is also a member of West Sussex County Council's Pensions Committee and of the Financial Reporting Council's Tribunal Panel.

Veronica Oak

  • With-Profits Committee – Independent Director
  • RNPFN Supervisory Board – Independent Member

Veronica joined the With Profits Committee at LV= in 2022 and is also an independent member of the RNPFN Supervisory Board. With a career in financial services spanning over 40 years, Veronica brings a broad range of experience to the role with an emphasis on delivering good customer outcomes and has held a number of non-executive director positions. She has been marketing director for a life company and a reinsurer and also spent over 20 years as an independent marketing and business development consultant helping companies develop their strategy and new products and services for their customers. She is currently a non-executive director at B&CE, provider of The Peoples’ Pension.

Rodney Baker-Bates

  • RNPFN Supervisory Board – Independent Member

Rodney has been a member of the RNPFN Supervisory Board since it was established and a trustee for three years before. Rodney is a qualified accountant, banker and management consultant with 30 years’ executive experience in UK and international financial services, including acting as pension trustee on four corporate schemes. For the last 25 years, he has acted as chairman, non-executive, or trustee across a wide range of industries including banking, insurance, and investment. His chair experience includes boards of entertainment, transport, farming, computer software and e-commerce businesses.    

Learn more about our Board members and their experience.