The Board is responsible for creating a foundation for growth and attractive shareholder returns.  It determines the vision, strategy and high-level policies for NewDay, striking an appropriate balance between risk and reward, and for positive customer outcomes.  It sets out the guidelines within which the business is managed and controlled and it monitors business performance against agreed targets.  It also provides oversight and independent challenge, particularly with regard to the business’ culture and values.

The Board executes these responsibilities through its own decision making and by delegating certain responsibilities to Board Committees. The committees assist the Board in carrying out its functions and ensure independent oversight of internal controls and risk management. The Board has three sub-committees:

  • The Audit Committee
  • The Risk Committee
  • The Remuneration and Nomination Committee

The roles and responsibilities of each committee are documented in Board-approved terms of reference.

Audit Committee

The Audit Committee is chaired by Senior Independent Non-Executive Director, Alison Reed.

The Committee acts independently from the executive to ensure shareholder interests are protected in relation to financial reporting and internal control. All members of the Committee are Independent, Non-Executive Directors with a range of financial, risk and business experience.

Risk Committee

The Risk Committee is chaired by Independent Non-Executive Director, Mary Phibbs.

The Committee is responsible for overseeing NewDay’s Risk Management Frameworks and challenge the processes and methodologies used for identifying, measuring, managing, monitoring and reporting all key risks facing the business. The Committee also monitors and reports to the Board on interactions with regulators and the effectiveness of regulatory reporting and action on any significant regulatory issues.

Remuneration and Nomination Committee

The Remuneration and Nomination Committee is chaired by Independent Non-Executive Director, Rupert Keeley.

The Committee is empowered by the Board to review and recommend changes to the composition of the Board or its Committees. The Board also delegates to the Committee the responsibility of proposing members for appointment to the Board and ensuring the continuity of oversight and management from diverse, skilled and appropriate individuals.

Back to top