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 Committee meets 5 times a year and 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 and Accounts 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.
- reviewing the effectiveness of the internal audit function whose remit covers all risk classes.
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.
Investment Committee
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 (Chair of the LVFS Board)
- Mark Hartigan (Chief Executive Officer)
- Chris Walker (Finance Director)
The Committee’s role is to act for members by ensuring that assets are invested in an appropriate way to meet the needs of its members and policyholders. The Committee meets four times a year to monitor 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. The Committee develops, oversees and recommends 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.
Regular attendees include the Chief Capital and Investment Officer, Senior Investment Manager, Financial Risk Director, Managing Director of Retirement Solutions, the With-Profits Chief Actuary and representatives from the Fund manager (CTI).
Risk Committee
The Risk Committee is made up of four of our independent non-executive directors:
- David Barral (Committee Chair)
- Alan Cook (Chairman)
- Colin Ledlie (Non-Executive Director)
- Seamus Creedon (Non-Executive Director)
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.
Remuneration Committee
The Remuneration Committee is made up of three of our independent non-executive directors:
- Alison Hutchinson (Committee Chair)
- Susan McInnes (Non-Executive Director)
- Luke Savage (Non-Executive Director)
The main role of the committee is to review salary and bonus levels, consider gender pay reporting and wider workforce pay trends and policies. The committee also ensures that the highest levels of governance are followed and complies with remuneration regulations in the UK Corporate Governance Code and the SII regulations. 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.
The Committee meets 4 times a year and the regular attendees of the meetings include the Chair of the LVFS Board, Chief Executive Officer, HR Director and Chief Risk 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)
- Alison Hutchinson (Non-Executive Director)
- Luke Savage (Non-Executive Director)
Regular attendees include the Chief Executive Officer and HR Director.
It is the Committee’s responsibility to review and evaluate 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. The Committee has oversight of the appointment process and identifies and recommends candidates based on merit. The Committee has responsibility for monitoring the Group’s governance arrangements and their alignment with LV=’s strategic priorities, compliance with applicable laws, rules and regulations. The Committee advises the Board of any governance issues to operate effectively and efficiently.
With-Profits Committee
- David Hare (Committee Chair)
- Susan McInnes (Non-Executive Director)
- Mike Kipling
- Ian Blanchard
- Colin Ledlie (Non-Executive Director)
Membership of the Committee must include an independent director, a non-executive director of Liverpool Victoria Financial Services limited (LVFS) and a Teachers Nominee.
Regular attendees include the With-Profits Actuary, Heritage Director and Customer Champion, Life Chief Actuary and Corporate Strategy Director.
The role of the WPC is primarily to do two things:
- act in an advisory capacity to inform the decision-making of the LVFS Board; and
- act as a means by which the interests of with-profits policyholders are appropriately considered within an insurer’s governance structures.
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 which is the document that outlines our approach to the financial management of with-profits investments to make sure our customers are treated fairly.
The Committee also ensures that any possible conflicts of interest between different policyholders are resolved.
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)
- David Hare (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.
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.
RNPFN With-Profits Committee Terms of Reference, (PDF, 95 KB)