Governance

The Board of Management

The Board of Management are responsible for the governance of The Society and the system by which we are directed and controlled. It does not manage the day to day operation of the society but holds the responsibility for the society’s long term strategy, it’s values and the senior management team that are tasked with implementing, developing and upholding the values of The Society.

As a Friendly Society we have no shareholders and are owned by you, our members. As such your role is to elect board members, the auditors and to satisfy yourselves of the management of The Society.

The Society has continued to make considerable progress in complying with The Combined Code on Corporate Governance having particular regard to the Annotated version for Small Insurers.

The Society is committed to high standards in Corporate Governance and recognises the value that good governance adds to providing clarity and supervision to the membership. As part of that commitment this section of the website provides information that is relevant to you including copies of the Report and Financial Statement, details of important committees and our Memorandum and Rulebook.

The Society takes its responsibility as an investor seriously. In considering how to invest, we are careful to identify the policyholder benefits that we have to meet from our investments. You can read our full Shareholder Rights Directive Engagement policy here.


Reports and Financial Statements

Current

Previous

AGM

2020

Our AGM was held online on Tuesday 23 June. If you were unable to join us, you can hear from our CEO Stuart Tragheim explaining the 2019 Strategic Report Summary here.

Previous

Terms of Reference

Memorandum & Rules

Board members

Derek Wright - Chair

board members

Derek is an actuary and has worked in both the life insurance industry and as a consultant. Derek was the chief actuary of Laurentian Life in Gloucester until its sale in 1995 after which he joined Deloitte LLP where he set up its UK actuarial practice. He was appointed a partner of Deloitte in 1999. From 2011 until his retirement in 2015 Derek led the Canadian actuarial practice of Deloitte. Much of Derek's time at Deloitte was spent on audit and risk consulting activities to the insurance industry.

Stuart Tragheim – Chief Executive

board members

Stuart joined the Society in June 2016 as CEO Designate and became CEO in October 2016, at which point he joined the Board. Stuart has worked in the financial services market for over 30 years in a range of strategy, leadership and business development roles including with various market leading firms such as Lloyds Banking Group, Equiniti and LV= and has run his own consultancy business providing strategic and business development advice and support to financial services businesses (insurers, reinsurers, banks, building societies, distributors, charities and retailers) focused mainly on strategy development and implementation.

Stuart has considerable Board, Executive and Management Committee experience and contributes regularly to industry wide developments, having previously chaired the Investment & Life Assurance Group and been a Member of the Association of British Insurer’s Distribution and Regulation Committee. Stuart currently sits on the Board of the Association of Financial Mutuals and the Investment & Life Assurance Group.

Adrian Humphreys

board members

Adrian joined the Board in November 2015. He is a specialist in Corporate Healthcare and Risk provision. He is an Independent Non-Executive Director of Benenden Healthcare. Adrian previously spent 15 years of his career working for Western Provident Association (‘WPA’), a not-for-profit health insurer. For 10 years, he was the Managing Director of WPA’s Corporate Division. Prior to this he worked for the management consultant Arthur D. Little Inc. He was the Chairman of JLT Benefits Consulting practice.

Adrian has an MBA from Cranfield and a PhD in the field of Physics and Mathematics.

Anna East

board members

Anna joined the Board in November 2015. Anna is a solicitor having practiced at Eversheds and a financial services plc. Until very recently, Anna was the Chair of the Dudley Building Society, and Vice Chair, and Chair of the Audit Committee, at Midland Heart Housing Association. She is a Non-Executive director at Entrust which is a national regulator. Anna has held a number
of NHS Board roles and is a governor of King Edwards School in Edgbaston, Birmingham.

Graham Newitt

board members

Graham joined the board in July 2018. Graham has extensive experience in the Life and Pensions market, including periods at Aviva and then Legal and General where he was a Business Unit Managing Director in both their Protection and Wealth Divisions. More recently Graham ran his own strategic consultancy business where he undertook a wide range of strategic consultancy projects for firms such as Scottish Widows, Zurich Life, FNZ and Friends Life.

John Holland – Senior Independent Director

board members

John joined the Board in 2012 and was appointed Senior Independent Director in 2015. He is a senior programme director with 35 years’ experience in insurance and banking industries. John has spent much of his career working in IT and leading transformational change programmes internationally. During his time with Zurich Financial Services, John was the IT Director for Zurich’s UK Banking Division. He has recently served as the Interim Director of IT for The Pensions Regulator.

Paul Harwood - Finance & Risk Director

board members

Paul joined the Board in November 2017, having been appointed as Finance & Risk Director Designate in April. Paul has worked in the international financial services sector for over 20 years in a variety of roles, including as Chief Actuary for an LSE-listed international financial services group and as a risk management specialist for the Irish Insurance Regulator following the implementation of Solvency II. Paul is an actuary and Chartered Director. He is chair of the Irish Baroque Orchestra and a governor of King William’s College based on the Isle of Man. Paul is a member of the Society’s Executive Committee.

Dave Cheeseman

board members

Dave is an actuary with over 30 years’ experience in the life insurance industry and brings a strong mix of financial, actuarial and operational skills.During the last 12 years he has been a board member of various life companies. From 2010 to 2016 he was Chief Finance Officer (CFO) of AXA UK Life and between 2017 and 2019 he was CFO for Phoenix Life.

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