Governance

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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

AGM

Terms of Reference

Memorandum & Rules

Board members

1
Martin Day - Chairman

Martin joined the Board in January 2010 and was elected as Chairman 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.

2
Kevin Wiltshire - Vice Chairman

Kevin has been a non-executive Director since 2007 and is Chairman of the Audit Committee. He is currently a senior partner with a Financial Planning practice based in the South West and is also a director of an IFA network. Kevin has over 30 years’ experience in insurance, financial services, asset management and tax planning and has previously served on the Board of another friendly society for 18 years.

3
Stuart Tragheim – CEO

Stuart joined the Society in June 2016 as CEO Designate and became CEO in October 2016. 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 like 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, Exco and Management Committee experience and contributes regularly to industry wide developments, having previously chaired ILAG and been a member of the ABI's Distribution and Regulation Committee. 

4
Adrian Humphreys

Adrian joined the board in September 2015.  He spent the last 15 years of his career working for Western Provident Association, a not-for-profit health insurer, of which for 10 years he was the Managing Director of WPA’s Corporate Group. Prior to this he worked for the management consultant Arthur D. Little Inc.  He currently runs the Group Risk and Health Team at JLT. He holds an MBA from Cranfield and a PhD in the field of Physics and Mathematics.

5
Anna East

Anna is a solicitor having practised at Eversheds and a financial services plc. Anna is currently Chairman of Dudley Building Society, Vice Chair and Chair of Audit Committee at Midland Heart Housing Association and a non-executive director at Entrust which is a national regulator. Anna also has experience of sitting on NHS Foundation Trust and mental health Boards and is a governor at King Edwards School.

6
Derek Wright

Derek Wright is an actuary and joined the Board as a Non-Executive Director in 2017. 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.

Derek is also a Non-Executive Director and chair of the audit committee of AVIVA International Insurance and represents the UK actuarial profession on the Insurance Accounting Committee of the International Actuarial Association.

7
John Holland – Senior Independent Director

John is a senior Programme Director with 33 years experience in the 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 previously the IT Director for Zurich’s UK Banking Division.

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