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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 of 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 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 quarterly. 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 Policy Committee

The Group 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.

FCA REGULATION

BISL Limited (part of the BGL Group), Pegasus House, Bakewell Road Orton Southgate, Peterborough, PE2 6YS is authorised and regulated by the Financial Conduct Authority (FCA). Our FCA Register number is 308896.

Our permitted business is arranging general insurance contracts.

You can check this on the Financial Services Register by visiting the FCA's website http://www.fsa.gov.uk/register/home.do or by contacting the FCA on 0800 111 6768.

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