Corporate governance

Good corporate governance is an integral part of our CR programme. It ensures that CR continues to be integrated into the strategic decision-making of the business. This in turn, enables us to be committed and organised to understand and respond to the short and long-term CR issues that are material to our businesses, manage our key risks, and respond to the needs and concerns of our stakeholders.

The Customer, Culture and Ethics (CCE) Committee is a Board Committee, which we established in 2019, and also plays a key role in providing oversight of matters that relate to the CR agenda. The Committee is chaired by Non-Executive Director Elizabeth Chambers and its members are Graham Lindsay (Non-Executive Director) and Robert East (Non-Executive Director). Through active participation in Committee meetings by key senior management members, such as the Chief Executive Officer, Group General Counsel and Company Secretary, Group Communications Director and Head of Sustainability, the Committee is able to effectively challenge and discuss the embedding of our culture and the delivery of fair customer outcomes.

The CCE Committee’s focus during 2019 was on overseeing full compliance with the 2018 UK Corporate Governance Code by the end of 2019, which emphasises the importance of culture and stakeholder relationships, and reviewing of stakeholder engagement and reporting to ensure information flows continue to enable directors to perform their duties effectively.

The Committee, in discharging its duties, adopts a KPI and evidence-based approach to its work. The Committee has also worked with management throughout 2019 to develop dashboards that will be used at each of the Committee’s meetings to:

  • gain an insight into customer outcomes that are being delivered at a Group-wide level to ensure that they are consistent with the Group’s strategy and purpose;
  • oversee the Group’s embedding of its Blueprint, with a particular focus on determining whether the Group is delivering its business activities in accordance with its purpose and behaviours;
  • review whether the Group’s culture is evolving to meet the changing expectations of stakeholders and identify areas where more focus is required in the Board’s decision making; and
  • ensure that any material issues which relate to the culture and ethics of the Group are reported to other relevant Board Committees.

To read more about recent developments in the corporate governance structure of the group, please download the Responsibility section of our 2019 CR report.