National Counties Building Society is committed to best practice in corporate governance, having regard to the UK Corporate Governance Code, issued by the Financial Reporting Council, as well as meeting the guidance for building societies issued by the Prudential Regulation Authority and Financial Conduct Authority.
Day to day management of the Society is delegated to a team of Senior Executives led by a Chief Executive with oversight by an elected Board. The principal function of the Board is to determine the strategy and policies of National Counties Group within an effective control framework, which enables risk to be assessed and managed. The Board ensures that the necessary financial and human resources are in place for the Society to meet its objectives and that business and management performances are reviewed. Furthermore, the Board ensures that the Group operates within the Society's constitution and relevant legislation and regulation and that proper accounting records and effective systems of business control are established, maintained, documented and audited.
The Board has five Committees: the Audit, Board Risk, Remuneration, Nomination and Executive Committees, the Terms of Reference for which are accessible via the links below. The first three are comprised only of Non-Executive Directors and have different Chairmen,
none of whom is the Chairman of the Society. The Nomination Committee is comprised of the Chairman and Vice Chairman of the Board plus the Chief Executive. The Executive Committee (ExCo) is comprised of the Chief Executive who shall be Chairman, the Executive Directors and other senior executives as are appointed by the Chief Executive.
- Terms of Reference for the Audit Committee
- Terms of Reference for the Board Group Risk Committee
- Terms of Reference for the Remuneration Committee
- Terms of Reference for the Nomination Committee
- Terms of Reference Executive Committee (ExCo)
The Remuneration Committee believes that it is increasingly important for members to understand how the remuneration of the Society's Directors and staff has been determined. Accordingly, a copy of the Society's Remuneration Policy Statement can be viewed via the link below:
At the end of each financial year we publish our annual report and accounts.
The National Counties Group assets increased by 3% in 2022 to £2,402 million supported by reserves of £156.5 million and a Common Equity Tier 1 ratio of £20.7%. For more details follow the link below to the 2022 Annual Report and Accounts.
Capital Requirements Directive - Pillar 3 Disclosures
Publication of the attached document is required under the Capital Requirements Directive as described within the introduction section of the document.
2021 Pillar 3 Disclosure
Country by Country Reporting
Country by Country Reporting 2021 - Please see Note 32, page 117 of the audited 2021 Annual Report and Accounts (link above) for this disclosure.
Country by Country Reporting 2020 - Please see Note 32, page 114 of the audited 2020 Annual Report and Accounts (link above) for this disclosure.
Society Rules, 2021 Edition (effective from 30 September 2021)
Society Memorandum, 1998 Edition