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Corporate Governance
Overview
The Group is committed to high standards of corporate governance appropriate to the size and nature of the business. The Board is the governing body of the Group, and comprises the Chairman, Executive Directors and an appropriate number of Non-executive Directors.
The Group is not listed on the Stock Exchange and therefore does not need to comply with governance requirements set out in the Combined Code. However, the Group has documented its governance arrangements based on the principles and requirements set out in the Code, and these are reviewed on a regular basis.
Committees
To assist it in discharging its duties, the Board has established certain sub-committees which focus upon key aspects of the business including in particular the Audit Committee and the Group Risk Policy Committee. These Committees have clear terms of reference, and minutes of their meetings are circulated to the Board.
Audit Committee
The Audit Committee is a sub-committee of the Board and meets at least six times a year. Its terms of reference include:
- The review of regulatory compliance;
- Monitoring the scope, independence, objectivity and effectiveness of the audit process;
- Ensuring that management addresses external auditors' recommendations and observations;
- Reviewing the programme and effectiveness of the internal audit function; and
- Monitoring the adequacy and effectiveness of internal controls.
Group Risk Policy Committee
The Group Risk Policy Committee comprises certain Board members and relevant senior management. It meets at least quarterly and acts as a sub-committee of the Board. Its purpose is the development of policies and ensuring their effective communication across the Group to ensure that risks are assessed and effectively managed.
FSA REGULATION
BISL Limited (part of the BGL Group), Pegasus House, Bakewell Road Orton Southgate, Peterborough, PE2 6YS is authorised and regulated by the Financial Services Authority (FSA). Our FSA Register number is 308896.
Our permitted business is arranging general insurance contracts.
You can check this on the FSA's Register by visiting the FSA's website www.fsa.gov.uk/register or by contacting the FSA on 0845 606 1234.
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