The Board delegates matters to Board Committees. Clearly defined terms of reference and written limits support these delegations.

The Audit Committee

The Audit Committee is responsible for assisting the Board in discharging its responsibilities in relation to the disclosure of the financial affairs of the Group. The Committee focuses in particular on compliance with accounting policies and ensuring that an effective system of internal financial control is maintained. The ultimate responsibility for reviewing and approving the annual report and accounts and the half-yearly reports, remains with the Board.

The Audit Committee operates under delegated authority from the Board and its terms of reference can be found here.

The Group Audit Charter of the Group Audit team, which reports to the Audit Committee, can be found here.

Key responsibilities

  • Monitors the integrity of the Group’s financial statements
  • Oversees and challenges the effectiveness of the Group’s systems of financial and other controls
  • Monitors the work and effectiveness of the Group’s internal and external auditors and actuaries
  • Meets privately with the External Auditor and Group Head of Audit in the absence of management
  • The chair of the Audit Committee has regular one-to-one meetings with the CFO
  • Oversee the Group’s financial and non-financial disclosures, including any climate-related financial disclosures

Members:

Gregor Stewart, Independent Non-Executive Director (Chair)

Mark Gregory, Independent Non-Executive Director

David Neave, Independent Non-Executive Director

Fiona McBain, Independent Non-Executive Director

The audit function is overseen by a fully independent committee of the board of directors, which meets market standards.

During the year, the Committee approved fees of £1.6 million to Deloitte for services unrelated to audit work. The following is a breakdown of fees paid to Deloitte for the year ended 31 December 2023.

2023 Fees
£m
Proportion
Audit fees
3.6 88%

Audit-related assurance services

0.5
12%
Non-audit services
- 0%
Total fees for audit and other services
4.1 100%

Audit-related assurance services were in respect of the Group’s Solvency II reporting and the review of the Half Year report 2022, for which the Company’s External Auditor must be used. Further information in respect of audit fees paid to Deloitte is disclosed in note 10 to the consolidated financial statements.

The Board Risk Committee

The Remuneration Committee

The Nomination and Governance Committee

The Customer and Sustainability Committee

The Investment Committee