Corporate
Governance

Nationwide is committed to best practice in corporate governance and complies with the Combined Code issued by the Financial Reporting Council. In accordance with the requirements of the Combined Code, which came into effect for reporting periods commencing after 1 November 2003, information regarding the Board and its Committees has been provided below.

The Board

Nationwide is run day to day by a senior management team overseen by an elected Board of Directors.

The Board focuses on formulation of strategy, control and review of business performance, with a framework of authorities in place which maps out the structure of high level delegation below Board level and specifies those issues which remain the responsibility of the Board.

View the list of matters reserved to Board

Board Committees

The Board has delegated authority to three principal Board committees, the Audit, Remuneration and Nomination Committees.

Audit Committee

The Audit Committee, on behalf of the Board, is responsible for reviewing the adequacy of the strategies and policies for risk management and control set by the Board. The system of internal control is designed to enable Nationwide to achieve its corporate objectives within a managed risk profile.

View the terms of reference for the Audit Committee

Remuneration Committee

The Remuneration Committee determines and agrees, with the Board, the framework for the remuneration of Nationwide's Chief Executive, Chairman, the Executive Directors, the Secretary and the Divisional Directors. The objective of this policy is to ensure that Executive and Divisional Directors are provided with appropriate incentives to encourage enhanced performance, in a fair and responsible manner.

View the terms of reference for the Remuneration Committee

Nomination Committee

The Nomination Committee is responsible for reviewing the structure, size and composition (including the skills, knowledge and experience) required of the Board, compared to its current position and make recommendations to the Board with regard to any changes. This includes new appointments and considering the re-election of Directors when appropriate.

View the terms of reference for the Nomination Committee