the four sub-committees
The Board operates four sub-committees to deal with specific issues. The Board determines the responsibilities and composition of these committees. They are authorised to make decisions within agreed parameters and/or make recommendations to the full Board of Directors as appropriate. The four sub-committees are:
The Assets and Liabilities Committee, which considers matters which identify, control and manage the operational, structural, funding, counterparty and settlement risks inherent in the Group's structure of assets and liabilities, including capital requirements and the content of policy statements on financial risk management and liquidity. The committee meets at least monthly.
The Audit Committee, which considers matters relating to internal and external audit arrangements, systems of control, prudential, regulatory and compliance issues in respect of the Group and pension scheme. The committee meets at least four times a year.
The Nominations Committee, which considers board succession planning, including the composition of the Society's board, the boards of connected undertakings and board sub-committees. The committee meets at least twice a year.
The Remuneration Committee, which considers the remuneration and contractual arrangements of the non-executive directors, executive directors and senior management. The committee meets not less frequently than annually.
