Board Committees

Audit Committee members:

• David Rogers (Committee Chair)
• Colin Ledlie (Non-Executive Director)
• Susan McInnes (Non-Executive Director)
• Jonathan Pears (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, 185 KB)

Internal Audit Charter (PDF, 262 KB)

Investment Committee members:

• Alain Kerneis (Committee Chair)
• Simon Moore (Board Chair)
• David Rogers (Senior Independent Director)
• David Hynam (Chief Executive Officer)
• Stephen Percival (Chief Financial 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, 154 KB)

Risk Committee members:

• Jonathan Pears (Committee Chair)
• Colin Ledlie (Non-Executive Director)
• Susan McInnes (Non-Executive Director)
• David Rogers (Senior Independent 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, 143 KB)

Remuneration and Nomination Committee members:

• Susan McInnes (Committee Chair)
• Simon Moore (Board Chair)
• David Rogers (Senior Independent Director)
• Alain Kerneis (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, 147 KB)

With-Profits Committee members: 

• Gordon Wood (Committee Chair)
• Susan McInnes (Non-Executive Director)
• Jonathan Pears (Non-Executive Director)
• Veronica Oak (Independent Member and Teachers Nominee)
• Carl Dowthwaite (Independent Member)

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, 132 KB)

RNPFN Supervisory Board members:

• Mike Kipling (Committee Chair)
• Veronica Oak (Independent Member)
• Gordon Wood (Independent Member)
• Susan McInnes (LV= Appointed Member)
• Jonathan Pears (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, 137 KB)

Find out more about RNPFN