How We Are Governed

Our Board’s Responsibilities and Terms of Reference

Newcastle Building Society is governed by a Board of directors that is made up of both executive and non-executive directors. The independent non-executive directors help to bring impartiality into the decision making process. The term non-executive director refers to those members of the Board who are not part of the employed management team but who provide a range of skills and experience to the Board.

There is a clear division of responsibility between the running of the Board (the Chairman’s role) and leading the executive team responsible for the running of the Society’s business (the Chief Executive’s role). This helps to ensure that no one individual has unfettered powers of decision-making and influence.

We believe an effective board should not necessarily be a comfortable place. There should not only be adequate independent challenge but also teamwork, both of which are critical features. A culture of openness and transparency is engendered by the Society and all non-executive directors are encouraged to meet with members of the executive team and to develop their knowledge of the Society’s business.

The Board agrees the strategic plan for the Society, ensuring the necessary financial and operational resources are in place so that the Society can meet its overall objectives. It also checks that appropriate targets are set against which to review management performance.

The Society holds eleven Board meetings each year, one every month except during August. The Board also has a number of sub-committees to review the effectiveness of different areas of the business. Each of these sub-committees has its own terms of reference which are reviewed on an annual basis.  The terms of reference for the Board and its committees are provided below. The members of the Audit Committee, Group Risk Committee, Nominations Committee, and Remuneration Committee are also shown.

Audit Committee

Richard Bottomley (chairman)

Ron McCormick

John Morris

Catherine Vine-Lott

 

Group Risk Committee

David Buffham (chairman)

Ron McCormick

John Morris

Ian Ward

 

Nominations Committee

Phil Moorhouse (chairman)

David Buffham

John Morris

 

Remuneration Committee

Catherine Vine-Lott (chairman)

David Buffham

John Morris