The Audit Committee is made up of three of our independent non-executive directors:
The Group Audit Committee assists our Board with:
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:
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)
The Risk Committee is made up of four of our independent non-executive directors:
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)
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.
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 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.