Corporate governance

The Group's corporate governance framework plays a key role in supporting our business operations. It provides clear guidance on how authority is exercised within the group.

Constitution

Principal Board Charter

Independence of Directors

Board Committees

Code of Conduct

Continuous Disclosure

Stakeholder Communications

Diversity and inclusion

Corporate Responsibility

Risk Management

Risk Category

The risk of loss from...

Credit Risk

…the potential that a counterparty or customer will fail to meet its obligations to the Group in accordance with agreed terms”

Operational Risk

…inadequate or failed internal processes and controls, people and systems or external events”

Compliance Risk

…failing to understand and comply with relevant laws, regulations, licence conditions, supervisory requirements, self-regulatory industry codes and voluntary initiatives, as well as internal policies, standards, procedures, and frameworks”

Balance Sheet and Liquidity Risk

…the Group’s banking book activities, including capital, funding, liquidity, interest rate, foreign exchange and equity”

Traded Market Risk

…adverse changes in fair value of positions from the Group’s book trading activities, as a result of movements in foreign exchange and interest rates, volatilities and credit spreads”

Life Insurance Risk

…when payments under life insurance policies exceed those anticipated in the premiums collected and underlying investment income earned”

Regulatory Risk

…failing to identify and monitor changes in the regulatory environment, damaging the Group’s relationship with its regulators, and failing to take the opportunity to help shape the development of emerging legislative framework and / or to effectively implement the required changes”

Defined Benefit Pension Risk

…the Group’s defined benefit pension scheme being in deficit (i.e. the fund assets are at value below the discounted value of current and future pension fund obligations”

Strategic Risk (including positioning and execution risk)

Positioning…strategic choices that we make and their ongoing viability in response to, or in anticipation of, changes in the environment, including improper management of the assumed or embedded risks within those strategic choices”

Execution…failing to execute the chosen strategy, including understanding the dependencies of success and responsiveness to changes in these factors”

Political Donations

Remuneration Management

Managing Financial Crime