As well as the main Utmost Life and Pensions Board, there are 6 additional Board committees.
The main board is responsible for the day-to-day management and conduct of Utmost Life and Pensions and any subsidiaries.
Mike Merrick became Chairman of Utmost Life and Pension in March 2019 and chairs the main board.
The main board meets at least four times a year.
The Company also maintains a Board Diversity policy which is laid out in the attached document.
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.
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.
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. As a result of the scheme covering the transfer from Reliance Mutual, it also has the function of monitoring the implementation of that scheme for a two-year period.
Nigel Sherry, a former Reliance Mutual Insurance Society director, chairs this committee.
The With Profits Committee meets at least four times a year.
The Remuneration Committee has responsibility for overseeing the Remuneration Policy, covering the Executive Directors (Stephen Shone and Jeremy Deeks) and the Chairman (Mike Merrick), and also sets the individual packages for 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.
The Risk & Compliance Committees responsibilities are 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).
Tim Madigan, who joined the board in April 2018, chairs the Utmost Life and Pensions Risk & Compliance Committee.
The Risk & Compliance Committee meets at least four times a year.
The Investment Committee has responsibility for recommending the overall strategic investment policy for the board’s consideration, and for maintaining oversight and control of our investment activities.
Seamus Creedon, the former Reliance Mutual Insurance Society chairman, chairs the Investment Committee.
The Investment Committee meet at least four times a year.
The Nomination Committee has responsibility for ensuring the 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.
Mike Merrick chairs the Nomination Committee.
The Nomination Committee meets at least twice a year.