Our Board Committees

As well as the main Utmost Life and Pensions Board, there are 6 additional Board committees.

Board

The main board is responsible for the day-to-day management and conduct of Utmost Life and Pensions.

Mike Merrick became Chairman of Utmost Life and Pensions in March 2019 and chairs the main Board, which meets at least four times a year.

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The Company also maintains a Board Diversity policy which is laid out in the attached document.

Board Diversity policy

Audit Committee

The Audit Committee has responsibility for monitoring the integrity of the Utmost Life and Pensions Solvency II and Statutory Accounts, the production of the Solvency & Financial Condition Report (SFCR), internal and external audit processes, and together with the Risk & Compliance Committee, has responsibility for the effectiveness of internal controls and the risk management system.

The Committee also has similar delegated responsibilities from the Board of the Equitable Life Assurance Society (ELAS) - now a wholly owned subsidiary of ULP.

Duncan Finch, who joined the board in April 2018, chairs the Utmost Life and Pensions Audit Committee.

The Audit Committee meets at least four times a year.

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With Profits Committee

The With Profits Committee has the objective of advising the main board of Utmost Life and Pensions on matters relating to the management of the with-profits funds – so this would include bonus rates, run-off plans, and distribution of any surplus that arises in the funds.

The Committee also has similar delegated responsibilities from the Board of the Equitable Life Assurance Society (ELAS) - now a wholly owned subsidiary of ULP.

Nigel Sherry, a former Reliance Mutual Insurance Society director, chairs this committee, which meets at least four times a year.

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Remuneration Committee

The Remuneration Committee has responsibility for overseeing the ULP Remuneration Policy, and sets the individual packages for the Executive Directors and Senior Management. It also reviews and recommends any incentive plans to the board, such as the staff bonus scheme.

The Remuneration Committee meets at least twice a year, and is chaired by Daniel Finkelstein.

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Risk & Compliance Committee

The Risk & Compliance Committee's responsibility is to assist the board in its oversight of the risk management and compliance culture, and ensure we are compliant with our legal and administrative requirements.

It also oversees the regulatory capital position, advises the board on our ‘risk appetite’ and risk, control and compliance exposure, sets and monitors our risk management and compliance policies, and ensures the effectiveness of assessment of our current and future risks (known as the ORSA - which is at the heart of the Solvency II directive).

The Committee also has similar delegated responsibilities from the Board of the Equitable Life Assurance Society (ELAS) - now a wholly owned subsidiary of ULP.

Sue Kean chairs the Utmost Life and Pensions Risk & Compliance Committee, and it meets at least four times a year.

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Investment Committee

The Investment Committee has responsibility for recommending the overall strategic investment policy for the ULP Board’s consideration, and for maintaining oversight and control of our investment activities.

The Committee also has similar delegated responsibilities from the Board of the Equitable Life Assurance Society (ELAS) - now a wholly owned subsidiary of ULP.

Duncan Finch chairs the Investment Committee, and it meets at least four times a year.

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Nomination Committee

The Nomination Committee has responsibility for ensuring the ULP Board has a formal, rigorous and transparent procedure in place to manage the appointment of new Board Directors to the Board, and to ensure the Board and its Committees have the appropriate balance of skills, experience, independence and knowledge to enable them to discharge their respective duties and responsibilities effectively.

The Committee also has similar delegated responsibilities from the Board of the Equitable Life Assurance Society (ELAS) - now a wholly owned subsidiary of ULP.

Mike Merrick chairs the Nomination Committee, which meets at least twice a year.

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