
Corporate Governance
continued
QCA Code compliance
Principle 1 – Establish a strategy
and business model, which
promote long-term value for
shareholders.
Principle 5 – Maintain the Board
as a well-functioning, balanced
team led by the Chair.
Principle 3 – Take into account
wider stakeholder and social
responsibilities and their
implications for long-term
success.
Principle 7 – Evaluate Board
performance based on clear and
relevant objectives, seeking
continuous improvement.
Principle 9 – Maintain governance
structures and process that are
fit for purpose and support good
decision-making by the Board.
Principle 2 – Seek to understand
and meet shareholders’ needs and
expectations.
Principle 6 – Ensure that between
them the Directors have the
necessary up to date experience,
skills and capabilities.
Principle 4 – Embed effective
risk management, considering
both opportunities and threats,
throughout the organisation.
Principle 8 – Promote a corporate
culture that is based on ethical
values and behaviours.
Principle 10 – Communicate how
the Company is governed and
is performing by maintaining a
dialogue with shareholders and
other relevant stakeholders.
Personal Group provides insurance
services and a broad range of
employee benefits and wellbeing
products to businesses across the
UK. The Group enables employers
to improve employee engagement
and support their employees
physical, mental, social and
financial wellbeing, supporting
our vision of creating a brighter
future for the UK workforce.
Full details of our business model
can be found on page 16 and on
the Company website
(www.personalgroup.com).
The Group maintains, and is
satisfied that, the Board has a
suitable balance of independence
and knowledge, with Directors
encouraged to challenge all
matters. The Board meets regularly,
with a formal schedule of matters
for its approval. The Board is
supported by regular engagement
with the Senior Leadership Team,
and a system of formal Board
committees. Directors are required
to devote sufficient time to carry
out their role.
As a Board we understand our
duty to promote the success of
the Company whilst considering
the views of, and impact on,
our wider stakeholder group
of customers, policyholders,
suppliers, colleagues and our
community and environment
as well as our shareholders.
A more detailed summary of the
Group’s engagement with all our
stakeholders can be seen on pages
40 and 41.
Board members are each
set annual objectives, with
performance feedback provided
by corresponding Executive and
Non-Executive members. Board
evaluation is the responsibility
of the Chairman. Internal
board effectiveness reviews
are undertaken yearly, with
independent reviews at least every
three years. The findings from the
2022 external review have been
fed back to the Board and actions
are being worked on.
The Board is collectively
responsible for the long-term
success of the Group and for
setting and executing the
business strategy. It fulfils this
responsibility through Board and
other Committee meetings held
regularly throughout the year.
The meetings held in 2022 for the
Board and other Committees can
be seen on page 44.
Regular dialogue takes place with
shareholders through initiatives
including the Annual General
Meeting, investor roadshows,
regulatory announcements
and the Report and Accounts.
During 2022 our Chief Executive,
CFO, Chairman and other Non-
Executive Directors met virtually,
and in person, with key investors.
We also hosted our investor events
in March and September 2022.
The background and experience
of the Board ensures there is
an effective and appropriate
balance of skills and knowledge.
Additional training is provided
where needed and Board members
are encouraged to maintain
their professional development.
As noted on page 44 there has been
one addition to the Board in the
year with Ciaran Astin taking up
his role as Non-Executive, our first
Non-Executive to concurrently
hold an executive position outside
of the Group.
The Board is responsible for
identifying and mitigating
risks to the Group achieving its
strategic objectives. It addresses
risk management through an
“Enterprise Risk Management
Framework”, and a system of risk
governance, including a Risk and
Compliance Committee. During
2022, a risk based internal audit
function was again provided
by RSM. For further details see
page 51.
The Board believes Group culture is
set from the top of the organisation.
These values form a core part of
how the business is managed,
from recruitment to training, and
ongoing reward and recognition.
During the year the Group has
focused on smaller, more frequent,
pulse surveys to obtain meaningful
colleague insight on key issues. This
has allowed more focus on these
issues at the point in time it arises
and helps to facilitate the co-create
approach with our employees
supporting our wellbeing and
engagement strategy.
The Group communicates through
a variety of regular digital and
traditional communications.
These include face-to-face
meetings, the Annual Report
and Accounts, Interim Results,
investor news announcements
and information provided on
the Group’s website.
45
Overview
Governance
Strategic
Report
Financial
Statements
Personal Group Holdings Plc |
Annual Report and Accounts 2022