Corporate Governance

Cumberland Building Society supports the principles of good corporate governance and, where relevant to the building society, complies with the UK Corporate Governance Code issued by the Financial Reporting Council.

A detailed Directors’ Report on Corporate Governance is published in the Annual Report & Accounts.

The Board

The principal functions of the Board are the development and monitoring of strategy, the review of business and financial performance, and to ensure that effective systems and controls are in place for risk management.

The Board meets every month and in addition, a policy review meeting is held at least annually.

The Board has established three committees to consider specific areas in more detail than would be possible within Board Meetings. Each of the Board sub-committees, Audit & Risk, Remuneration and Nomination, has Board approved Terms of Reference.