Corporate Governance
The Management Committee is accountable not only under statute and regulation but also to the Society’s members for the operation of the Society, and regards corporate governance as an important part of its conduct.
The Association of Friendly Societies and the Association of Mutual Insurers have worked together to produce an Annotated Version of the Combined Code. Whereas the Combined Code was originally devised for the conduct of listed companies, this Annotated Version is more closely focused on the business of life mutuals.
The Society is committed to implementing the provisions necessary for good corporate governance, where they are pertinent to the size and nature of our business, and will follow the process set out in the Annotated Version of the Combined Code.
The provisions encompass many areas of conduct, including composition of the Management Committee, conduct of meetings, appropriate sub-committees, internal control, member relations, accountability and audit, remuneration and financial reporting.
Fuller details are provided each year in the Society’s annual accounts.
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