The Audit Committee is made up of three of our independent non-executive directors:
The Committee meets five 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.
Our Investment Committee is made up of three non-executive directors and two members of senior management:
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).
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 Remuneration and Nomination Committee is made up of three of our independent non-executive directors:
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 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 and Nomination 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.
It is also 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 meets four times a year (or more often if required) and the regular attendees of the meetings include the Chief Executive Officer, Chief Administration Officer, Chief Risk Officer and Head of Reward.
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:
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.
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.
RNPFN With-Profits Committee Terms of Reference, (PDF, 95 KB)