Police Mutual is committed to maintaining high standards of corporate governance and adheres to the 2010 UK Corporate Governance Code for Mutual Insurers (the Code). In applying the Code we consider its requirements and put them into practice in a way that reflects our business, culture and values and which helps to support:
Transparency - giving our members the information they need to judge whether the Executive team, Board and Committee of Management are doing a good job on their behalf
Effective decision-making, risk management and control
A proper balance between Executive and non-executive directors
Keeping the interests of Police Mutual's members aligned with, and at the front of the mind of, the people responsible for running the business
The terms of reference outline responsibilities of all our committees and are available to download below:
- Committee of Management
- Audit Committee
- Remuneration Committee
- Nomination Committee
- Managing Board
- With-Profits Committee
- Investment Committee
- Risk Committee
Annual General Meeting
Part of the backbone of our connection with members is our network of Authorised Officers who are volunteers within the Police Service.
At the Annual General Meeting (AGM) Authorised Officers represent the views of members in their force and vote on their behalf. This includes electing individuals to our Committee of Management, the body which sets the values of the organisation.
Download the Notice of the 2017 AGM below. If you have any questions please email Rachel Kirwan our Company Secretary.
You can find out more about our recent AGMs below:
Report and Accounts and Governance and Directors' Remuneration Reports
Our Annual Report and Accounts and Governance and Directors' Remuneration Reports are received at our Annual General Meeting and contain details of our business performance, the performance of our investments and our governance and remuneration frameworks. You can download the latest Report & Financial Statements and Governance & Directors' Remuneration Reports below:
Police Mutual's Diversity Statement
Board diversity and in particular the lack of women on boards has been subject to scrutiny in recent years. Police Mutual recognises that Board diversity is a key factor in encouraging constructive debate and continues to view diversity in its broadest sense, seeking to ensure that it is an integral part of Committee of Management and Board succession planning.
We believe that a diverse Board will include and make good use of differences in the skills, knowledge, experience, background, perspectives, race, gender and other qualities of directors. These differences are considered in determining the composition of the Board and when possible how they can be balanced appropriately with all appointments continuing to be based on merit, measured against objective criteria and the skills and expertise that a person can bring to the business.
The Nomination Committee reviews and assesses Board composition in accordance with its terms of reference and oversees the appointment of new Board directors. In so doing, the Nomination Committee evaluates the balance of diversity, including gender diversity, on the Board in order to maintain an appropriate range and balance of skills, experience and background on the Board. In light of this evaluation, the Nomination Committee will make recommendations to the Committee of Management with regard to any adjustments that it deems necessary.
The Committee does not currently set measurable objectives for achieving diversity on the Board but will keep this under review and if appropriate in the future, recommend them to the Committee of Management for adoption. At any given time, the Nomination Committee may seek to improve one or more aspects of its diversity and measure progress accordingly.
The Board currently has 33% female representation but hopes to increase the level of representation of females when refreshing and renewing Board membership over the coming years. However, this aspiration is subject to the imperative to ensure that appointments are made on merit and with regard to an appropriate balance of skills, independence and knowledge required on the Board.
Solvency and Financial Condition Report
Under the Prudential Regulation Authority (PRA) rules and Solvency II regulations, a PRA-authorised insurance undertaking (firm) must disclose publicly, on an annual basis, a Solvency and Financial Condition Report (SFCR). The SFCR contains narrative information in quantitative and qualitative form supplemented, where appropriate, with quantitative templates.
Internal Audit Charter
Read the Internal Audit Charter here.