Corporate Governance 35
During 2013, the committee will focus on the Investment Committee
continued implementation of an own risk and The Investment Committee comprises three
solvency assessment process, risk based non-executive directors:
performance measures and reporting, a refreshed l John Edwards (chairman)
oversight and apportionment process and enhanced l Caroline Burton
monitoring of LV=’s conduct risk framework. l Mark Austen; and
four executive directors comprising:
A further change is that the responsibility to l the chief executive;
scrutinise the ICA will be assumed by the Audit l the group finance director;
Committee. This will support the Board Risk l the managing director of the life and pensions
Committee focus on monitoring the risk profile and business; and
associated capital requirements of the group in light l the finance director of the general insurance
of its current and projected free assets. business.
Remuneration and Nomination Committee The committee meets four times a year and the
Sitting as the Remuneration Committee, group’s chief investment officer, chief risk officer
the committee met five times during 2012 and representatives from the group’s asset
and is expected to meet four times in 2013. manager, TAM usually attend by invitation.
The committee is made up of three independent
non-executive directors: It is responsible for:
l Cath Keers (chairman) l Monitoring and reviewing the management of
l Dennis Holt our investments by TAM; and
l Mark Austen. l Confirming to the board each year that the
continued appointment of TAM remains
Input is provided by the HR director and the chief appropriate, having regard to the operation of its
risk officer, who attend by invitation. On behalf of mandates and relative performance and charges
the board, the committee determines: compared to alternative providers.
l Our broad policy on executive remuneration; and
l The specific packages for each of the executive With-Profits Committee
directors and certain senior managers. The With-Profits Committee meets at least five
More details of the group’s policy on executive and times a year, and comprises:
senior management remuneration, and the activities l Graham Burville (independent chairman)
of the committee during the year are set out in the l Cath Keers
Statements and Reviews
Directors’ Report on Remuneration. l John Perks, the managing director of our
retirement solutions business.
In its capacity as the Nomination Committee, Graham Burville has extensive and relevant industry
which also includes the group chief executive as a experience and was formerly CEO of Police Mutual.
member, the committee:
l Evaluates the balance of skills, knowledge Ian Reynolds also served on the With-Profits
and experience on, and required by, the Committee during 2012.
board for board appointments and certain
senior management roles; and The role of the Committee is to:
Our Businesses
l Prepares a description of the role and l Bring independent judgement to the assessment
capabilities required for any particular of compliance with the statement of Principles
appointment. and Practice of Financial Management; and
l Monitor how any competing or conflicting
Recruitment consultants will usually be instructed interests between different groups of
to help compile a shortlist of candidates for policyholder are resolved.
interview for board vacancies. The committee will
then recommend appointments to the board for The committee can engage external professional
Risk Management
approval. During 2012 the Nomination Committee advisors to assist in delivering its objectives
oversaw the recruitment of James Dean to the effectively and draws on the expertise of an
board. The committee intends to recruit a further independent with-profits actuary, Nick Dumbreck,
non-executive director during 2013 following the who was appointed in February 2012.
retirement of Dennis Holt on 23 May 2013.
Group Executive Committee
The chief executive chairs this weekly committee
Corporate Governance
meeting to monitor our business performance. It
also meets monthly in order to help him meet the
responsibilities which the board has delegated to him.
Our Accounts