Members of the Audit Committee:
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Members |
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Henry Staunton (Chairman) |
Rudy Markham |
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Dame Clara Furse |
James Strachan |
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Frances Heaton |
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Membership of the Audit Committee currently comprises four non-executive directors and myself as Chairman. The Combined Code requires at least one financially qualified member (as recognised by the Consultative Committee of Accountancy Bodies). Currently, two members of the Committee fulfil this requirement. All members of the Committee are required to be financially literate and to have relevant corporate finance experience. New Committee members participate in training upon joining the Committee, which covers the role of the Committee, its terms of reference and key current issues relevant to the matters considered by the Committee.
The Committee invites the Chairman, Group Chief Executive, Group Chief Financial Officer, Group Financial Controller, Group Chief Internal Auditor, UK Actuary and representatives of the external auditors, PricewaterhouseCoopers LLP, to attend all of its meetings, although it reserves the right to request that they withdraw at any time during the meeting. Other senior management are invited to present reports as required by the Committee to discharge its duties. The Committee regularly holds private meetings with the Group Chief Internal Auditor and representatives of the external auditors.
The Committee met four times during 2009. Agendas for meetings are linked to events in the Group’s financial calendar. The Committee also participated in a detailed training session in March designed to assist Committee members in understanding financial reporting matters relevant to the preparation of the 2008 annual financial statements.
The Committee operates under formal terms of reference and these are reviewed annually. The Committee’s terms of reference include all matters required by the Combined Code. During 2009, the Group Risk and Compliance Committee, which reports to the Board, was responsible for reviewing the internal control and risk management system. The new Board risk committee described in the Risk management section will assume this responsibility in future.
The Chairman of the Committee reports back to the Board on the outcome of meetings, and the Board receives the minutes of all Committee meetings.
