How the Board spent its time in 2014

The Board held eight scheduled meetings in 2014, individual attendance at which is set out in the table below. The Board’s agenda is set by the Chairman and time is allocated at each meeting to consider reports from the group chief executive, chief financial officer, group general counsel and company secretary and the heads of each of the following business divisions; Legal & General Retirement, Legal & General Assurance Society, Legal & General Investment Management and Legal & General Capital. These reports assist the Board in monitoring the performance of the group as a whole. The Board also dedicates a significant amount of time to considering strategic and wider group issues. Some of the key areas of focus throughout 2014 were:

Strategy

  • The Board considered a schedule of material transactions at each meeting to assess whether proposed transactions are aligned with the strategic objectives of the group
  • The Board debated and approved the group’s five year Business Plan and considered a mid–year report from the chief risk officer in respect of progress against the plan versus risk appetite

Leadership, talent development and employees

  • A ‘talent and leadership’ update was provided to the Board at which Board members reviewed the progress that had been made in delivering key talent objectives during 2013 and the future focus for 2014,
  • The Board discussed the results of the ‘What Matters’ annual employee survey and considered the actions to be taken going forward in response to the results

Governance

  • Action was taken to implement the delegated authority structure which was introduced in 2013. The Board considered and approved delegation schedules of key senior management
  • Consideration of the progress made against the agreed actions from the 2013 Board Evaluation
  • A review of the group’s approach to governance and compliance with the UK Corporate Governance Code was undertaken

Stakeholders

  • The Board considered the group’s relationships with various stakeholder groups including shareholders and regulatory bodies
  • The company’s brokers presented investor feedback to the Board following the year-end results

As in previous years, the Board also held a two day off-site strategy event at which the Board considered the progress that had been made in delivering the group’s strategy, the key emerging issues facing the company in continuing to deliver the strategy and the way in which these should be addressed. The Board strategy event provides the opportunity for more informal and less structured dialogue covering a broad range of strategic issues. Some of the key areas of focus for this year’s agenda were:

  • Digital
  • Direct investments
  • Risks and capital allocation
  • Deccumulation – individual retirement solutions
  • Organisational effectiveness and capability

Director

Appointment Date

Board (8)

Audit Committee (5)

Nominations Committee (4)

Remuneration Committee (8)

Group Risk Committee (6)

Corporate Governance Committee (1)

1.

Retired with effect from 21 May 2014.

2.

R Markham joined the Group Risk Committee on 15 October 2014 and attended two out of a possible two meetings.

3.

L Zlatkus joined the Audit Committee on 1 May 2014 and attended four out of a possible four meetings.

J Stewart

1 January 2010

8

 

4

 

 

1

M J Gregory

28 January 2009

8

 

 

 

 

 

R Markham

4 October 2006

8

 

4

8

22

1

J B Pollock

11 December 2003

8

 

 

 

 

 

S Popham

1 July 2011

8

 

4

7

6

 

M Fairey1

1 May 2011

1

0

0

5

 

 

L Tomlinson

1 May 2013

8

5

4

8

6

 

J Wilson

9 November 2011

8

5

4

 

6

 

N D Wilson

1 September 2009

8

 

 

 

 

 

M Zinkula

18 September 2012

8

 

 

 

 

 

L Zlatkus

1 December 2013

8

43

3

 

6

 

O Swantee

1 August 2014

2

1

1

 

 

 

R Meddings

1 December 2014

1

 

1

1

1

 

C Bradley

8 December 2014

1

 

0

1