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.

Reports and Financial Statements

Current

Previous

AGM

2018

Previous

Terms of Reference

Memorandum & Rules

Board members

Martin Day - Chair

board membersMartin joined the Board in January 2010 and was elected as Chair in 2013. He was a Senior Relationship Manager and Assistant Area Director for Lloyds TSB Corporate until taking early retirement in 2006. He worked for Lloyds TSB for 37 years. He now runs his own banking consultancy practice. Aside from this, he has no other significant commercial commitments.

Stuart Tragheim – Chief Executive

board membersStuart joined the Society in June 2016 as CEO Designate and became CEO in October 2016, at which point he joined to 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.

Adrian Humphreys

board membersAdrian joined the Board in November 2015. He is currently the Chairman of JLT Benefits Consulting practice and 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..

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

Anna East

board membersAnna 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.

Derek Wright

board membersDerek 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.

John Holland – Senior Independent Director

board membersJohn 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, Company Secretary

board membersPaul 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 Investment Committee and Executive Committee. From 15 December, he took on the role of the Society’s Company Secretary.

Download acrobat reader