Governance

How your Board runs the Society

The Society is run by your Board of Directors. This Board is fully committed to adopting best practice in Corporate Governance and to fulfilling its legislative and regulatory responsibilities.

Corporate governance is the system by which organisations are directed and controlled.

What is 'best practice'?

The UK Corporate Governance Code (the ‘Code') was first issued in June 2010 and updated in 2018. A new version of the Code was issued in January 2024, but reporting on the new arrangements will not be effective before accounting periods beginning on or after 1 January 2026.

The Code is specifically addressed to publicly quoted companies. However, the Society has readily embraced its provisions, even though we are not obliged to do so. The Code represents best practice within the industry and the Board of Skipton Building Society is committed to adhering to it as far as it applies to building societies.

The Society's ‘Corporate Governance Report' is published each year in our Annual Report & Accounts.

You can read the full report on our Financial results page.

As a mutual organisation, we are owned by our members. They are at the heart of everything we do. We are run by a Board of Directors who are responsible for deciding our strategy. They act as guardians, safeguarding Skipton's assets so we can continue to offer our members: 

  • peace of mind;
  • products that offer long term value for money; and
  • a high standard of personal service.

Our Rules and Memorandum

The Rules of the Society set out how Skipton operates. The Memorandum outlines the Society’s activities, purpose and extent of its powers.

Board Committees and Terms of Reference

The main Society Board is assisted by a number of committees which are responsible for a range of activities. The key duties of each committee are listed below:

Board Audit Committee

This Committee reviews the effectiveness of the Group's internal controls and risk management systems.

The current members are:

  • Iain Cummings (Chair); and
  • Denis Hall.

View the Terms of Reference for the Board Audit Committee [PDF]

Board Change Committee

This Committee is responsible for providing guidance, challenge and advice to the Board on the vision, strategy for change, and the implementation of change across the Skipton Group.

The current members are:

  • Heather Jackson (Chair); and
  • Iain Cummings.

View the Terms of Reference for the Board Change Committee [PDF]

Board Nominations Committee

This Committee is responsible for the appointment and removal of Directors, evaluating the Board's performance and succession planning.

The current members are:

  • Gwyn Burr (Chair);
  • Iain Cummings;
  • Steven Davis;
  • Hasintha Gunawickrema;
  • Denis Hall; and
  • Heather Jackson.

View the Terms of Reference for the Board Nominations Committee [PDF]

Board Remuneration Committee

This Committee reviews the adequacy and effectiveness of the Society’s remuneration policy.

The current members are:

  • Steven Davis (Chair); and
  • Heather Jackson.

View the Terms of Reference for the Board Remuneration Committee [PDF]

Non-Executive Remuneration Committee

This Committee reviews the fees to be paid to Non-Executive Directors, other than the Chair.

The current members are:

  • Gwyn Burr (Chair); and
  • all Executive Directors.

View the Terms of Reference for the Non-Executive Remuneration Committee [PDF]

Board Risk Committee

This Committee considers and recommends the Group's risk appetite, capital adequacy and liquidity management policy, and ensures that the Group maintains an effective risk governance structure.

The current members are:

  • Denis Hall (Chair);
  • Iain Cummings;
  • Hasintha Gunawickrema; and
  • Heather Jackson.

View the Terms of Reference for the Board Risk Committee [PDF]