Simply put - because the West Brom looks after your wealth, whether it be savings or mortgages. As such, we always want to do the right thing for our members. Corporate governance is a means of ensuring that doing the right thing is achieved through a clear and unbiased decision making process, and that deciding the “right thing” has involved taking account of relevant stakeholders. We want to be able to demonstrate to you that we are taking the responsibility of looking after your wealth seriously - and by having high standards of corporate governance, this will enable us to do this.
As a financial institution, we are not just judged by our members, but also by other institutions that we deal with. These other institutions want to ensure that we are a trustworthy business partner. Showing that we are a trustworthy business partner enables us to achieve better business deals - which can then be used to benefit our members.
The West Brom takes corporate governance very seriously - and we see it as being integral to our decision making process (not some type of “add on” or “box-ticking exercise”). We assess developments in corporate governance, and apply those which are relevant to the building society sector.