The Board has a number of standing committees:
Audit Committee (AC)
The role and work of the AC is set out on Report of the Audit Committee page.
Corporate Social Responsibility Committee (CSR)
The role and work of the CSR Committee is set out on the Corporate Social Responsibility pages.
Nominations Committee (NC)
The role and work of the Nominations Committee is set out on the Report of the Nominations Committee page.
Remuneration Committee (RC)
The role and work of the Remuneration Committee is set out on the Directors’ Report on Remuneration pages.
Group Risk and Compliance Committee (GRCC)
The role and work of the Group Risk and Compliance Committee is set out below.
(Download XLS:)  |
|
Committee |
Role |
|---|---|
|
Group Capital Committee (GCC) |
To assess the capital requirements (including the economic capital requirements) of the Group; monitor the sources of capital available to meet these requirements; and oversee the allocation of capital to operational business units. |
|
Counterparty Credit |
To set limits for the Group’s exposure to any single counterparty exposure and oversee the management of exposures within these limits. |
|
Group Investment & Market Risk Committee (IMRC) |
To monitor developments in investment markets; consider asset allocation strategies; and ensure that exposures to market and liquidity risks remain within acceptable parameters. |
|
Group Insurance Risk Committee (GIRC) |
To determine the range of products that the Group may write; evaluate strategies for the management of insurance risks; and ensure that exposures to insurance risk remain within acceptable parameters. |
|
Group Operational Risk Assessment Committee (ORAC) |
To determine the Group’s overall framework for the management of operational risks; setting policy for the management of specific aspects of the Group’s operational risks; and ensuring consistency of approach to operational risk management across the Group. |