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Board committees

The Board is supported by a number of Committees each with Board approved terms of reference. Details of each Committee and their key activities are listed below.

Remuneration Committee

This Board committee undertakes (amongst other issues) the following:

  • The development of remuneration policy; and
  • Negotiating the remuneration of individual directors

Nomination Committee

This Board committee (amongst other issues):

  • Recommends appointments and re-appointments of Directors to the Board.
  • Recommends the composition of Board Committees to the Board.
  • Reviews the structure, size and composition of the Board.
  • Reviews Society statements relating to Corporate Governance. 

Audit Committee

This Board committee (amongst other issues):

  • Provides the Board with assurance regarding the integrity of the financial statements and associated documents.
  • Ensures the adequacy and effectiveness of the Society’s internal control systems.
  • Ensures the effectiveness of the Society’s Internal Audit function - further details on the 'Internal Audit Charter' can be found here
  • Ensures the effectiveness of the Society’s external auditors.

Risk Committee

This Board committee (amongst other issues):

  • Oversees the development, implementation and maintenance of the Society’s risk management framework, including its risk appetite statements and metrics to ensure they are appropriate and align with business strategy, current and emerging regulatory, corporate governance and industry best practice.
  • Reviews the processes and procedures for ensuring that all material and business risks are properly identified and appropriate systems of assessing, monitoring and controls are in place.
  • Receives and reviews management reports which assess the nature and extent of the current and emerging risks facing the Society.  
  • Reviews and approves annually the Society’s Risk Management Framework Document, Policy Governance Framework and Credit Risk Policies.


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