The Audit Committee is made up of three of our independent non-executive directors:
The Committee meets 5 times a year and is responsible for:
Regular attendees to the meetings include the Chair of the LVFS Board, Chief Executive Officer, Finance Director, the Internal Audit Director, External Auditors and the Chief Risk Officer.
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.
The Risk Committee is made up of four of our independent non-executive directors:
The Risk Committee’s role is to monitor and assist the Board in its risk and capital management responsibilities, in particular, the effectiveness of the Group's systems and controls. The Committee is responsible for determining the group’s strategy, appetite and tolerances to risk including the monitoring of emerging and principal risks. The Committee assists the Board to identify and embed an appropriate risk culture for the business and ensures that the Risk Management Framework is appropriately embedded.
The Committee meets at least four times a year and the regular attendees include the Chief Risk Officer, Chief Executive Officer, Finance Director and Internal Audit Director.
The RNPFN Supervisory Board is made up of three independent members and two members of Management:
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.
The Supervisory Board meets four times a year and regular attendees include the With-Profits Actuary, Heritage Director and Customer Champion, Corporate Strategy Director and Head of Heritage Products.