the five sub-committees
The Board operates five 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 five 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 & Compliance 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. Click here to see the Terms of Reference.
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 once a year. Click here to see the Terms of Reference.
The Remuneration Committee, which considers the remuneration and contractual arrangements of the non-executive directors, executive directors and executive committee. The committee meets at least twice a year. Click here to see the Terms of Reference.
The Board Risk Committee, which considers the potential risk for loss arising from inadequate or failed internal procedures, people, controls or systems. The committee meets at least four times a year. Click here to see the Terms of Reference.
