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Board Committees

Information about our Board Committees

Audit Committee

The Audit Committee is made up of three of our independent non-executive directors:

  • Luke Savage (Committee Chair)
  • David Barral (Senior Independent Non-Executive Director)
  • Colin Ledlie (Non-Executive Director)

The Group Audit Committee assists our Board with:

  • external financial reporting
  • the effective running of our Group Internal Audit function (GIA)
  • the independence of our external auditors and effectiveness of the external audit process

Regular attendees include the Chief Executive Officer, Group Finance Director, the Internal Audit Director, External Auditors and the Chief Risk Officer.


The Committee reviews and makes recommendations on:

  • our Annual Report and Accounts, including whether these are fair, balanced and understandable
  • the approval and independence of our external auditors
  • financial announcements and information released to the London Stock Exchange

The Committee is supported by Group Internal Audit (GIA), who are responsible for independently checking that our risk management and internal control systems are effective.

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

Audit Committee Terms of Reference (PDF, 120 KB)
Group Internal Audit Charter 2018 (PDF, 52 KB)

Investment Committee

Our Investment Committee monitors how the group's investments are managed.

Our Investment Committee is made up of three non-executive directors and two members of senior management:

  • Colin Ledlie (Committee Chair)
  • David Barral (Senior Independent Non-Executive Director)
  • Alan Cook (Chairman)
  • Richard Rowney (Chief Executive Officer)
  • Andy Parsons (Group Finance Director)

The Investment Committee monitors how the group's investments are managed. The Committee meets about twice a year to review the performance of the fund manager and how well it is investing members' money and our other investments.

Regular attendees include the Chief Capital and Investment Officer, Chief Risk Officer and the Group Chief Actuary.

Investment Committee Terms of Reference (PDF, 84 KB)

Risk Committee

The Risk Committee is made up of four of our independent non-executive directors:

  • David Barral (Committee Chair)
  • David Neave (Non-Executive Director)
  • Alan Cook (Chairman)
  • Colin Ledlie (Non-Executive Director)

The Risk Committee meets about four times a year to assist the Board in its risk management responsibilities, in particular the effectiveness of the Group's systems and controls and developing the Board's statement of risk appetite.

The Chief Executive Officer, the Group Finance Director, the Chief Risk Officer and Internal Audit Director regularly attend meetings of the Committee.

Risk Committee Terms of Reference (PDF, 62 KB)

Remuneration Committee

The Remuneration Committee is made up of three of our independent non-executive directors:

  • Alison Hutchinson (Committee Chair)
  • Alan Cook (Chairman)
  • David Neave (Non-Executive Director)

The Remuneration Committee agrees 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.

Regular attendees include the Chief Executive Officer, HR Director and Chief Risk Officer.

Remuneration Committee Terms of Reference (PDF, 67 KB)

With-Profits Committee

  • Graham Berville (Independent Chair)
  • Steve Sarjant
  • Ian Blanchard
  • Colin Ledlie (Non-Executive Director)

Our With-Profits Committee meets about four times a year to make sure we're working in-line with our Principles and Practice of Financial Management

The Committee also ensures that any possible conflicts of interest between different policy holders are resolved.

Membership of the Committee must include an independent director, a non-executive director of the Society and a Teachers Nominee.

Regular attendees include the With Profits Actuary, Life MD, Life Chief Actuary and  Chief Capital and Investment Officer.

Corporate Governance and Nomination Committee

The Corporate Governance and Nomination Committee is made up of three independent non-executive directors and one member of senior management.

  • Alan Cook (Chairman)
  • David Barral (Senior Independent Non-Executive Director)
  • David Neave (Non-Executive Director)
  • Richard Rowney (Chief Executive Officer)

Regular attendees include the HR Director.

The Committee has oversight of the appointment and selection process of new Board members as well as succession planning for the Board and the overall Group. The Committee has responsibility for monitoring the Group’s governance arrangements and compliance with applicable laws, rules and regulations and advising the Board of any governance issues.

 

RNPFN Supervisory Board:  

The RNPFN Supervisory Board is made up of three independent members and two members of Management:

  • Peter Nowell (Independent Chair)
  • Rodney Baker-Bates (Independent Member)
  • Mike Kipling (Independent Member)
  • Paul Downey (Management Member)
  • Andy Young (Management 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 the Society 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 Supervisory Board also acts as the With-Profits Committee for the Fund.

The Supervisory Board meets four times a year and regular attendees include the With Profits Actuary, Chief Capital and Investment Officer and Head of Heritage Products.

RNPFN With Profits Committee Terms of Reference, (PDF, 148KB)

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