Corporate Governance
Scarborough Building Society and its Board have a high regard for good Corporate Governance and comply with regulatory guidance for building societies issued by the Financial Services Authority.
In addition, to further demonstrate good Corporate Governance, the Board promotes adherence to the principles of the Combined Code (the Code) relevant to building societies. The Board has also considered the report by Myners on the Governance of Life Mutuals. This report, though not directly relevant for societies, closely aligns with the Society’s approach to good Corporate Governance.
To view our full Corporate Governance statement please refer to our Annual Report & Accounts.
The Board
The Board works with Executive Management to set the Group’s strategic aims, acting in the best interests of its members. It ensures that adequate financial and human resources are in place and it reviews Executive Management performance. The Board maintains a system of effective Corporate Governance and systems of control, ensuring accurate and comprehensive business information is produced with sound financial controls and risk management.
Through Board and functional procedure manuals, the Board sets a clearly defined schedule of retained and delegated powers which are reviewed annually along with agreed Board policies. The Board is responsible for the recruitment and employment terms and conditions of Executive Management. Other powers are delegated to Executive Management or a specified member of staff or Committees.
The Board meets at least 10 times annually to set strategy and to review performance. The Board has a general duty to ensure the Group operates within its constitution and relevant laws and regulations, and that proper accounting records and effective systems of business control are established, maintained, documented and audited. The Board takes decisions on specific matters such as major capital expenditure, annual budgets and corporate objectives, utilising structured delegation.
Current Members of the Board of Directors
Board Committees
There are three Board Committees with delegated authority within the Society. To view the Terms of Reference for a particular Committee, please choose a committee from the list below:
Recruitment Of Non-Executive Directors
View our procedure for Recruitment of Non-Executive Directors.