Board Committees

Audit Committee

The Group Audit Committee is made up of four of our independent non-executive directors:

The Group Audit Committee assists our Board with:

external financial reporting
the effective running of our Group Internal Audit function (GIA)
the independence of our external auditors and effectiveness of the external audit process

The Committee meets with Richard Rowney, our Chief Executive Officer (CEO) and senior management at least three times a year. Regular attendees include the Group Finance Director, the Internal Audit Director, External Auditors and the Chief Risk Officer.

The Committee reviews and makes recommendations on:

our Annual Report and Accounts, including whether these are fair, balanced and understandable
the approval and independence of our external auditors
financial announcements and information released to the London Stock Exchange

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.

Investment Committee

Our Investment Committee monitors how the group's investments are managed.

Our Investments Committee is made up of three non-executive directors and three members of senior management:

The Committee is always Chaired by a non-executive director.

The Committee meets about twice a year to review how well the fund manager is investing members' money and our other investments.

The Chief Investment Officer and Group Chief Actuary regularly attend meetings of the Committee.

Investment Committee Terms of Reference (PDF 84 KB)

Risk Committee

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 Group 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)

Remuneration Committee

The Remuneration Committee is made up of four of our independent non-executive directors:

The Remuneration Committee agrees our policy on executive pay, the specific pay packages for each of our Executive Directors and certain senior managers.

Remuneration Committee Terms of Reference (PDF 67 KB)