Developing our people: induction and ongoing development

The group general counsel and company secretary supports the Chairman in providing tailored induction programmes for new directors and ongoing development for existing directors.

The induction programme is designed to ensure that a new non-executive director is fully briefed on the key areas of the business and has the information necessary to allow them to make an effective contribution to the Board.

My induction programme has provided me with a much deeper understanding of the group’s operations. Best of all, it has shown me the calibre and integrity of our staff. I have visited several of our offices and had the opportunity to meet with staff on the ground in each location. I continue to be impressed with the culture and commitment to doing what is right for the customer.”

Lizabeth Zlatkus, non-executive director

On joining the Board, as well as being provided with detailed briefing packs, Olaf Swantee, Carolyn Bradley and Richard Meddings were provided with individual induction plans including a series of one-to-one meetings with executive management and other members of the senior management team. These briefings covered a wide range of topics including, amongst other things: an introduction to the group’s governance framework; the approach to risk and compliance; capital management; the annual financial calendar and the financial reporting cycle; and an overview of the investor relations strategy. There were also a series of sessions specifically focused on understanding each of the business areas and operations and, where possible, visits to the different site locations were facilitated. The Board believes strongly in the development of its directors and continuing education is an important aspect of the Board’s agenda. The following development sessions were undertaken during 2014.

MONTH

ACTIVITY

February

Protection and reinsurance
Board members were invited to participate in an internally facilitated executive business awareness session focusing on the protection and reinsurance business.

May

Management information pack
Board members were invited to participate in an internally facilitated executive business awareness session focusing on the content of the MI pack.

June

Board visit to Chicago: LGIMA business overview
The June Board meeting took place in the Chicago office and the Board undertook a deep dive on the LGIMA business focusing on the following: US Fixed Income, US Index Funds, US Solutions and US Asset Management.

July

Julia Wilson site visit to our Kingswood office
Julia spent a day in the Kingswood office and the visit focused on meeting with members of the finance and internal audit teams. This provided Julia with the opportunity to better understand the structure and workings of the finance teams within the group and the role they play in the group’s financial reporting process.

July

Solvency II executive business awareness
Board members were invited to participate in an internally facilitated executive business awareness session focusing in particular on credit risk and longevity risk.

October

Lizabeth Zlatkus site visit to our Kingswood office
Lizabeth spent a day in the Kingswood office meeting with members of the LGAS senior management team who briefed her on their respective business areas. This provided Lizabeth with the opportunity to get to know the wider business better.

October

Board visit to Cardiff office – Cardiff business overview
Board members participated in a series of training sessions with representatives from each of the business divisions focusing on the following areas: Investments; Retirement; Insurance and Corporate.