Board Committees

These are the:

• Remuneration Committee
• Audit Committee
• Nomination and Governance Committee
• Risk Committee
• Disclosure Committee

 

Remuneration Committee

Ensures that remuneration policies and practices are designed to support our strategy and promote long-term sustainable success, encouraging behaviours consistent with the Group’s Purpose, values, strategy and business model.

Audit Committee

The Audit Committee has oversight of Vanquis Banking Group as a whole and, unless required by regulation, will carry out their duties for the Group and all the subsidiary businesses.

Nomination and Governance Committee

Among other things, this committee annually reviews the directors’ skills matrix to make sure it reflects the skills the group needs from its most senior leaders. 

Risk Committee

This committee reviews Vanquis Banking Group's overall risk assessment processes that inform the Board’s decision-making, ensuring both qualitative and quantitative metrics are used in the robust assessment of emerging and principal risks.

The Group Risk Committee assists the Board by taking an active role in defining risk appetite, and monitoring the risk management and internal control systems across the group.

Disclosure Committee

The Committee is responsible for ensuring the Company complies with the EU Market Abuse Regulations, the FCA’s Disclosure Guidance and Transparency Rules, and the Listing Rules. In effect, it has to decide what company information is deemed market sensitive or not, and if so, when it needs to be disclosed to the stock market.

Performance evaluation

We evaluate the performance of our Board each year. The Chairman is responsible for this evaluation. We adhere to the UK Corporate Governance Code and make sure an external evaluation is carried out every three years. This external evaluation, questions the different aspects of how the Board operates, how the members and committees conduct themselves, and the performance of the individual directors.

Our Board reviews the evaluation and, in the event any issues are brought to light, proposals are drawn up to tackle them. The performance of the Chairman is also reviewed on a yearly basis. The Senior Independent Director carries out this review. 

Internal controls

It’s important Vanquis Banking Group and our product divisions maintain consistent control and risk management systems. Our Group Risk Committee reviews the assessment of these risks and the associated frameworks. We are consistent in our approach to risk across Vanquis Banking Group because we understand inconsistencies can have a significant impact on the Group’s ability to achieve its objectives.

Risk owners are identified and given responsibilities to make sure actions are implemented with appropriate review dates. Risk Registers are reviewed by our Risk Advisory Group and these are updated each quarter. The Group Risk Committee is responsible for monitoring the key metrics identified by the divisions and the Group to make sure, in particular, customer outcomes remain central to the Group’s risk management programme.

Executive Committee

The Executive Committee normally meets monthly, and more frequently as required. The Executive Committee manages the running of the group, other than those matters reserved to the Board and those specifically assigned to the other Board committees. Executive Committee is an advisory committee commissioned to assist the Chief Executive Officer in the execution of the authorities delegated to them by the Board. The committee’s authority, purpose and duties are documented within its Terms of Reference.

Terms of reference