TIDMVANQ
RNS Number : 9847V
Vanquis Banking Group PLC
12 April 2023
12 April 2023
Vanquis Banking Group plc ('Company')
Publication of 2022 Annual Report and Financial Statements and
Notice of 2023 Annual General Meeting
The Company has today published the following documents:
- 2022 Annual Report and Financial Statements; and
- Notice of 2023 Annual General Meeting ('AGM').
In compliance with LR 9.6.1R, the 2022 Annual Report and
Financial Statements and Notice of 2023 AGM have been submitted to
the Financial Conduct Authority via the National Storage Mechanism
and will shortly be available to the public for inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism . These
documents will also be available on the Group's website from today
at: www.vanquisbankinggroup.com/shareholder-hub .
Annual General Meeting
The AGM will be held at 11.30 on Thursday 25 May 2023 at the
offices of Clifford Chance, 10 Upper Bank Street, Canary Wharf,
London E14 5JJ.
Additional information
A condensed set of the Company's financial statements and
information on important events that have occurred during the
financial year and their impact on the financial statements were
included in the Company's results statement (RNS announcement dated
31 March 2023 ("Preliminary results for the year ended 31 December
2022")). That information, together with the information set out
below constitutes the material required by DTR 6.3.5R. This
announcement is not a substitute for reading the 2022 Annual Report
and Financial Statements in its entirety. Page, note and section
references below refer to the corresponding pages and/or
notes/section in the 2022 Annual Report and Financial
Statements.
Contact: David Whincup, (0)1274 351 344
Appendix
Principal risks
Principal risks
Principal risks are risks which are most significant to Vanquis
Banking Group's strategy and business model and have formally been
articulated as part of its Risk Appetite Framework. Principal risk
categories and associated risk appetite statements are reviewed and
approved by the Board on an annual basis, effectively defining
Vanquis Banking Group's overall risk appetite.
P1 Capital risk
------------------------- ------------------------------------------------------------
Risk description Mitigating activities and other considerations
The risk that * The Group and Bank maintain capital ratios in excess
the Group fails of regulatory requirements. The capital risk metrics
to maintain the are regularly monitored at Asset and Liability
minimum regulatory Committee (ALCO), the Risk Committee and the Board,
capital requirements and are subject to other internal management reviews.
and a management This includes ensuring that capital resources are
buffer on a consolidated sufficient for planned changes in the balance sheet,
basis to cover and consideration of changes in the regulatory
risk exposures environment. On 8 March 2023 the Group announced an
and withstand update about our capital requirements from the PRA,
a severe stress following conclusion of its Capital Supervisory
as identified Review and Evaluation Process. The outcome was a
as part of the reduction in the Group's Total Capital Requirement by
Internal Capital more than a third, from 18.3% to 11.9%.
Adequacy Assessment
Process (ICAAP).
* In line with the PRA's requirements, the Group's
Internal Capital Adequacy Assessment Process (ICAAP)
is updated at least annually. Challenge and oversight
of the ICAAP occurs at ALCO and Risk Committee before
approval by Board.
* The 2022 ICAAP is the first assessment since the
closure of the Consumer Credit Division (CCD). As CCD
has been removed from the assessment, the associated
capital requirements have reduced. The ICAAP
demonstrated that the Group and Bank are more than
adequately capitalised.
* The methodology for assessing capital risks takes the
Pillar 1 requirements for credit, operational and
market risks as a starting point. The assessment then
considers whether the Pillar 1 requirement is
sufficient to cover management's own assessment of
the risks (such as credit concentration, operational,
pension and interest rate risk). Where it is
considered that additional capital is required, this
is held as a Pillar 2A requirement. The combination
of Pillar 1 and Pillar 2A requirements form the total
capital requirement (TCR).
* To protect against the risk of consuming Pillar 1 and
Pillar 2A requirements, firms are subject to
regulatory capital buffers. Where relevant a
firm-specific PRA buffer is also applied.
* The overall capital requirement (OCR) for the Group
and Bank is comprised of: (i) the TCR (covering
Pillar 1 and 2A) set by the PRA after review of the
ICAAP; (ii) the combined buffers; and (iii) a PRA
buffer set by the PRA.
* At 31 December 2022, the Group's CET1 ratio was 26.4%
(2021: 29.1%), the TCR was 37.5% (2021: 40.6%) and
the OCR was 21.8% (2021: 20.8%), excluding any
confidential buffers, if applicable. The Group and
Bank also monitors the Leverage Ratio which was 21.0%
(2021: 18.1%). By 1 January 2022, around 75% of all
transitional adjustments had been absorbed through
capital resources, with the remaining transitional
adjustment to be fully unwound on 1 January 2023. On
a fully loaded basis, the Group capital resources are
in excess of its capital requirement.
* In December 2021, the Financial Policy Committee
(FPC) announced an increase to the UK Countercyclical
Capital Buffer (CCyB) rate to 1%, to be implemented
by 13 December 2022. In July 2022, the FPC confirmed
a further expected increase to 2%, effective 5 July
2023. The impact of this on the Group's OCR is
expected to be partly offset by a confirmation from
the PRA that the temporary 0.56% buffer (being the
CET1 portion of the PS15/20 2A reduction) imposed due
to uncertainty arising from Covid-19 will be removed,
effective 31 December 2022. The Group and Bank
already have sufficient capital resources to fully
absorb the net increase of 1.44%.
* The Group and Bank have elected to adopt the
transitional adjustments for IFRS 9. The transitional
adjustments have historically had a material impact
on the Group's and Bank's regulatory capital position
due to high levels of provisioning. By 1 January 2022
around 75% of all transitional adjustments had been
absorbed through capital resources. With the
remaining transitional adjustment to be fully unwound
on 1 January 2023.
* Given the robustness of the Group's financial
position and the Group's first half performance, an
interim dividend was announced as part of the 2022
interim results. Prior to this the Group had not paid
a dividend since the 2019 interim dividend.
* If the Group or Bank was to encounter a significant
stress on capital resources, a Recovery Plan is
maintained which includes options to ensure that they
can remain sufficiently capitalised to remain viable.
Recovery Plan Early Warning Indicators (EWIs) and
Invocation Trigger Points (ITPs) are regularly
monitored and reported against. During 2022, the
Recovery Plan was enhanced to ensure compliance with
latest regulatory guidance, as well as ensuring that
all recovery options were appropriately considered.
The Group and Bank continue to have a wide range of
recovery options available.
* As part of the intra-group funding arrangement, a
Core UK Group (CUG) waiver was approved in November
2022 which allows Vanquis to utilise retail deposits
to fund the different parts of the Group, resulting
in lower cost of funds for the non-bank group. As
part of considerations over Vanquis Bank's CUG waiver
application, a Capital Support Agreement (CSA) was
granted by Moneybarn in favour of Vanquis Bank. The
CSA, in circumstances where Vanquis Bank is failing
to meet its solo capital requirements, requires
Moneybarn to contribute any excess capital, or
liquidity, it holds to Vanquis Bank. In addition,
Moneybarn was capitalised as if it were a regulated
entity, based on the Group's 2022 ICAAP.
* The Group's Pillar 3 disclosures contain a
comprehensive assessment of its capital requirement
and resources. Pillar 3 disclosures for the year
ended 31 December 2022 are published separately on
the Group's website, www.vanquisbankinggroup.com.
------------------------- ------------------------------------------------------------
P2 Funding and
liquidity risk
------------------------ ------------------------------------------------------------
Risk description Mitigating activities and other considerations
The risk that * Funding and liquidity risks are managed within a
the Group has comprehensive risk framework. This framework ensures
insufficient that the Group and the Bank maintain stable and
financial resources diverse funding sources and a sufficient holding of
to meet its obligations high-quality liquid assets such that there is no
(cash or collateral significant risk that liabilities cannot be met as
requirements) they fall due. Funding and liquidity requirements are
as they fall regularly monitored to support the strategy of the
due, resulting Group and Bank.
in the failure
to meet regulatory
liquidity requirements, * Funding and liquidity risk is managed by the Group's
or is only able Treasury function and is overseen by the ALCO Funding
to secure such and liquidity metrics are monitored daily through
resources at daily liquidity reporting and monthly at ALCO
excessive cost. meetings. Metrics are also included in the
information packs presented to the Group's ExCo, Risk
Committee and Board.
* The primary metrics used to monitor and assess the
adequacy of liquidity is the Overall Liquidity
Adequacy Rule (OLAR) (which is the Board's own view
of the Group and Bank liquidity needs as set out in
the Board approved Internal Liquidity Adequacy
Assessment Process (LAAP)), the Liquidity Coverage
Ratio (LCR), and Net Stable Funding Ratio (NSFR).
Liquidity is managed by working to ensure compliance
with the most binding metric and is monitored on a
solo and consolidated basis.
* During 2022, a significant amount of work was
undertaken to update the ILAAP. The 2022 Board
approved ILAAP is the first ILAAP prepared for the
consolidated Group and excludes the CCD which was
closed in December 2021. The ILAAP demonstrates that
the Group and Bank have sufficient high-quality
liquid assets to meet severe but plausible stress
scenarios.
* Treasury conducts regular and comprehensive liquidity
stress testing to ensure that the Group and Bank's
liquidity position remains within the Board risk
appetite. Stress testing covers idiosyncratic,
market-wide and combined stress scenarios, including
reverse stress testing.
* The Group and Bank have maintained liquidity ratios
in excess of regulatory and internal requirements
throughout the year and continue to hold significant
levels of high-quality liquid assets (HQLA). The
liquidity position was managed to more normalised
levels following action that was taken during the
Covid-19 pandemic.
* Throughout the year, the Bank has demonstrated that
it continues to have access to the retail deposit
market through fixed rate deposits. The Bank is
seeking to widen the range of retail deposit products
that it offers, increasing the pool of retail
deposits it has access to as well as helping to
alleviate upward movements in funding cost.
* Following the approval of the CUG waiver, retail
deposits will provide most of the funding for the
Group, resulting in lower cost of funds. Wholesale
funding sources will be maintained to ensure
diversity of funding sources and provide contingent
funding options.
* If the Group or Bank was to encounter a significant
stress on liquidity resources, a Recovery Plan is
maintained which includes options to ensure that they
can remain sufficiently liquid to remain viable.
Recovery Plan Early Warning Indicators (EWIs) and
Invocation Trigger Points (ITPs) are regularly
monitored and reported against. During 2022, the
Recovery Plan was enhanced to ensure compliance with
latest regulatory guidance, as well as ensuring that
all recovery options were appropriately considered.
The Group and Bank continue to have a wide range of
recovery options available.
------------------------ --------------------------------------------------------------
P3 Market risk
----------------------- ------------------------------------------------------------
Risk description Mitigating activities and other considerations
The risk that * Market risk is managed by the Group's Treasury
the net value function and is overseen by the ALCO. The Group and
of, or net income Bank do not take significant unmatched positions and
arising from, do not operate trading books.
assets and liabilities
is impacted as
a result of changes * The Group and Bank use interest rate sensitivity gap
in market prices analysis to inform the Group and Bank of any
or rates, specifically significant unmatched positions.
interest rates,
currency rates
or equity prices. * The interest rate risk position is reported on a
monthly basis to the ALCO and includes risk appetite
metrics set for both earnings at risk (EaR) and
market value sensitivity (MVS). These are assessed
against a 100bps and 200bps parallel shift in rates
respectively.
* The Group and Bank also monitor their exposure to
economic value of equity (EVE), against a 200bps
parallel shock in interest rates, as well as the six
standardised shocks prescribed by the Basel Committee
on Banking Supervision (BCBS).
* Throughout 2022, a significant amount of work has
been undertaken to validate the interest rate risk
position on a behavioural basis and introduce the
capability to transact interest rate derivatives to
manage the residual interest rate risk position. This
culminated in the transaction of interest rate
derivatives (SONIA linked) in the second half of the
year.
* The Group and Bank monitor their exposure to basis
risk, with Bank of England base rate and SONIA the
only external reference rates used. The Group does
not have any exposure to LIBOR.
* The Group continues to monitor potential implications
for the strategy in response to financial market
turbulence and undertakes reviews of product pricing
to ensure it is consistent with markets and cost of
funds.
----------------------- --------------------------------------------------------------
P4 Credit risk
----------------------- ------------------------------------------------------------
Risk description Mitigating activities and other considerations
The risk of unexpected * Credit risk remains a key focus for the Group given
credit losses the current macroeconomic environment.
arising through
either adverse
macroeconomic * The Group continues to monitor the impact of the cost
factors or parties of living crisis on portfolio performance, and
with whom the internal measures have been put in place to help
Group has contracted mitigate potential risks. These include, but are not
failing to meet limited to, alignment of creditworthiness assessments
their financial to the latest official inflationary outlook,
obligations. production of targeted management information, and
enhanced forbearance programmes. Ongoing executive
focus is maintained through a Cost of Living Forum,
jointly chaired by the CRO and the COO, together with
standard Risk Committee reporting.
* The Group's credit risk appetite is under regular
review by the Credit Committee and Risk Committee to
ensure that it remains aligned to current market and
economic conditions.
* A cross-functional working group is in place to
create a centre of excellence for calculation of
provisions under IFRS 9. The working group ensures
that there are suitably skilled resources with clear
accountabilities, effective governance arrangements,
optimised models, aligned activities and effective
management information and insights across the Group.
* Performance of risk models is being closely monitored
by the Group, with adjustments implemented where any
continued deviation from expected performance is
evidenced.
* The Group continues to pursue opportunities to
supplement existing data sources to enhance both
credit and affordability risk, i.e. open banking.
----------------------- --------------------------------------------------------------
P5 Strategic
execution risk
------------------------- ------------------------------------------------------------
Risk description Mitigating activities and other considerations
The risk of making * The Board and its sub-committees make risk-based
and/or executing decisions in the formulation of their business
poor strategic strategy, in line with their Delegated Authority
decisions related Framework and Risk Appetite Framework and subject to
to acquisitions, independent oversight from the Risk function.
products, distribution,
etc. as a result
of ineffective * Board Governance Manual and Delegated Authorities
governance arrangements, Matrix (DAM) is in place to provide a framework for
processes and key decision making at all levels across the Group.
controls.
* Executive director scorecards are in place, with
reward incentives based on a combination of financial
and non-financial measures.
* Group Risk Appetite Framework is in place with agreed
metrics and thresholds approved by the Board.
* Strategic and emerging risks are reported to the GEC
and GRC on any areas of concern.
* Risk overlay is completed annually by the Group CRO
on behalf of the Remuneration Committee (RemCo) to
provide recommendations on adjustments to variable
reward where governance has failed.
------------------------- --------------------------------------------------------------
P6 Climate risk
-------------------------- ------------------------------------------------------------
Risk description Mitigating activities and other considerations
The physical * Group-wide Climate Strategy and Policy is in place to
risk of the impacts ensure appropriate governance, controls and processes
of climate change are in place to support compliance with TCFD
and the business requirements and broader ESG strategy (including
risk posed to net-zero targets).
the Group and
its counterparties
related to non-compliance * Climate Risk Committee is in operation, supported by
costs and financial Climate Risk and Environmental Working Groups,
loss associated facilitating the integration of climate
with the process considerations into the Group's broader Risk
of adjusting Management Framework through its reporting lines into
to a low carbon the Customer, Culture and Ethics Committee and Group
economy. Executive Committee.
* Quantitative Climate Risk Scenario Analysis and
Stress Testing Framework is in place to inform
forward-looking strategy, with scenarios proposed to
identify potential financial impacts of transition
and physical climate-related risks. ICAAP activity
continues to take account of material climate-related
financial impacts, meeting PRA requirements.
* The Group continues to offset its direct operational
carbon footprint via sustainable development projects
and all main Group premises maintain ISO 14001:2015
compliant status.
-------------------------- --------------------------------------------------------------
P7 Legal and
governance risk
-------------------------- ------------------------------------------------------------
Risk description Mitigating activities and other considerations
The risk that * The Group simplified and strengthened its governance
the Group is structure by collapsing and consolidating the Vanquis
exposed to financial Banking Group and VBL Board executive structures.
loss, fines,
censure or enforcement
action due to * Board Governance Manual and Group Delegated
failing to comply Authorities Framework is in place, setting out key
with legal and decision making at all levels across the Group.
governance requirements
as a result of
ineffective arrangements, * Board effectiveness is assessed on an annual basis
processes and with action plans in place to promote a culture of
controls. continuous improvement.
* Explicit approval from the Board is required before
any decisions and actions are made that could result
in risks materialising outside of appetite.
* Conflicts of Interest Policy and processes are in
place to ensure all employees meet their fiduciary
responsibilities.
* All regulatory interactions are recorded and tracked,
with regular reporting through the executive and
Board committees to ensure consistency and read
across through a Group lens.
* The Group proactively engages with regulatory
authorities and industry bodies on forthcoming
regulatory changes.
* Governance arrangements are continuously reviewed to
ensure they are designed and operating effectively to
meet the Group's objectives.
-------------------------- --------------------------------------------------------------
P8 Financial
crime risk
----------------------- ------------------------------------------------------------
Risk description Mitigating activities and other considerations
The risk that * The Group is committed to operating a strong and
the Group's products risk-proportionate set of systems and controls to
and services manage the risk within appetite.
are used to facilitate
financial crime
against the Group, * The second line Financial Crime Oversight team has
customers or been significantly enhanced with regards to capacity
third parties. and capability.
* A revised Group-wide financial crime assessment
approach established to set control requirements
which define the standards by which financial crime
risk will be managed.
* New AML, CTF and Sanctions Policy has been
implemented which sets out control standards and
requirements in line with the Group's Financial Crime
Risk Assessment Methodology.
* Regulatory actions and notifications are monitored
and managed in line with relevant timescales, and
regular horizon scanning takes place to identify
relevant and significant regulatory change.
* A Customer Lookback Project was successfully
completed in March 2022, whereby 100,000 alerts were
manually reviewed. This gave the Group confidence of
Politically Exposed Person (PEP) records and that no
relationships exist with individuals subject to
economic sanctions.
----------------------- --------------------------------------------------------------
P9 Conduct and
regulatory risk
----------------------- ------------------------------------------------------------
Risk description Mitigating activities and other considerations
The risk of customer * A Group-wide Conduct Risk Framework has been
detriment due developed, with plans in place to further embed its
to poor design, requirements across the Group. This enables the Group
distribution to demonstrate adherence to the requirements set out
and execution within the FCA's three-year Strategy and Annual
of products and Business Plan and includes improved monitoring of
services or other customer outcomes across all high-risk interactions
activities which such as lending, forbearance, vulnerability and
could lead to complaints.
unfair customer
outcomes or regulatory
censure. * A programme of activity has been established to meet
the requirements of the FCA's Consumer Duty
regulations coming into force 2023-2024. The Board
and Risk Committee are provided with regular updates
to support their oversight.
* As part of risk harmonisation, the legacy divisional
Conduct and Compliance teams have been centralised
and report to the Group's Chief Conduct and
Compliance Officer who continues to consolidate
consistent and best practices.
* Conduct Policies and Procedures are in place to
ensure the Group has appropriate controls and
processes to deliver fair customer outcomes.
* Group Complaints Forum and reporting were established
to ensure the Group is learning from complaints
trends across products, including any FOS referrals
or upholds and actions of claims management
companies. This has resulted in a number of strategic
changes outlined in the Group's emerging risks:
'Threats to our business model' and 'Responsible
lending'.
* As part of the Group's response to the cost of living
crisis (COLC), a number of steps have been taken,
including reviewing the range of support available to
customers and setting up a Cost of Living Forum,
which closely monitors for early indicators of cost
of living pressures in the Group's book performance,
to enable any remedial action to be taken as
required. The Group has proactively liaised with
regulators to share insights on the COLC impact,
providing updates on the outcome of the Group's
monitoring and adjustments to its credit risk
approach throughout the year. The FCA have concluded
a review of Cost-of-Living Crisis Forbearance
Outcomes which Moneybarn were selected to be part of.
The findings, received on 3 February 2023, were
consistent with an internal review performed during
2022 which initiated a programme of work to enhance
the effectiveness of operational areas to deliver
improved customers outcomes. This in-flight programme
will be further enhanced to reflect any additional
areas of concern raised by the FCA.
* A Compliance Monitoring Programme is in place,
supported by a robust methodology and approved by the
Risk Committee, to assess the adequacy and
effectiveness of the control frameworks in place and
supporting fair customer outcomes and regulatory
compliance.
* The Group proactively engages with regulatory
authorities on a frequent basis.
----------------------- --------------------------------------------------------------
P10 People risk
----------------------------- ------------------------------------------------------------
Risk description Mitigating activities and other considerations
There is a risk * People and HR function centralised to streamline
that we have critical people management activities across the
insufficient Group.
operational capacity
and colleagues
with the right * People Risk Forum to support the management of key
skills in meeting people-related risks.
our financial,
customer and
regulatory responsibilities. * Operational Effectiveness Steering Group (OESG)
implemented to govern and manage the risks associated
with structural changes.
* Succession plans completed and in place for all
Executive and Senior Management.
* Communications have and continue to be shared with
colleagues across the Group to keep them apprised of
business changes and to support wellbeing.
* Full health and safety risk assessment completed of
all our key work locations with mitigating actions
completed.
* Recruitment, onboarding, training and exit processes
have been strengthened across the Group.
* Consistent frameworks have been developed and
embedded for Group reward, performance management (Be
Better) and talent management.
----------------------------- --------------------------------------------------------------
P11 Technology and information security risk
--------------------------------------------------------------------------- --------
Risk description Mitigating activities and other considerations
The risk arising * An IT shared service operating model has been
from compromised implemented to seek commercial and cost opportunities
or inadequate and manage associated risks effectively and
technology, security efficiently across all product lines.
and data that
could affect
the confidentiality, * An IT Strategic Programme is in place to deliver new
integrity or architecture to embrace modern principles of open
availability architecture, supporting easy addition, upgrade and
of the Group's replacement of components and the use of scalable
data or systems. cloud services, while continuing to address key areas
of technical debt.
* A cyber security strategy has been developed to align
security across the Group and implement a consistent
and robust service which supports the delivery of the
overall business and IT strategies.
* Continued progress with the IT First Line Controls
Review (FLCR), enhancing IT control effectiveness and
risk maturity across the Group and transitioning risk
and control ownership into business as usual (BAU)
activity.
--------------------- --------------------------------------------------------------
P12 Operational
risk
------------------ ------------------------------------------------------------
Risk description Mitigating activities and other considerations
The risk of loss * The Group's three lines of defence model ensures
resulting from there are clear lines of accountability between
inadequate or management which owns the risks, oversight by the
failed internal Risk function and independent assurance provided by
processes, people Internal Audit.
and systems or
from external
events. * The Risk Harmonisation Programme, which provides a
more consistent and integrated approach to risk
management across the Group, has moved from
implementation to embedding stage. The programme is
delivering a single Enterprise Risk Management
Framework, consolidated Risk Policies and
methodologies, and risk reporting capability.
* An integrated Risk Management System (Riskonnect) has
been implemented which provides a central and secure
repository of risk information across the Group's
three lines of defence. Implementation of the system
significantly enhances the Group's risk management
capability, improved risk and control effectiveness,
and realised resource efficiencies with the
automation of processes and reporting.
* The Risk and Control Self-Assessment (RCSA) process
has been subject to a budgeted programme of
improvement activity, jointly sponsored by the Chief
Operations Officer, Chief Information Officer and
Chief Risk Officer. This programme has enhanced the
accuracy, completeness and reliability of risk and
control data.
* A fully standardised model for supplier management is
being embedded, which includes the implementation of
a new Supplier Relationship Management (SRM)
Framework, Change Governance Framework, Portfolio
Working Group and Transformation Executive Committee,
and alignment of the Operational Resilience and
Supplier and Third-Party Risk Management Frameworks.
* Work is progressing on the implementation and
embedding of a harmonised change management control
environment across the Group.
------------------ --------------------------------------------------------------
P13 Model risk
----------------------- ------------------------------------------------------------
Risk description Mitigating activities and other considerations
The risk of financial * Model Risk Management Framework and Policy, Target
losses where Operating Model and supporting modelling standards
models fail to are in place.
perform as expected
due to poor governance
(including design * Material models across the Group are independently
and operation). validated as required in the policy.
* Group model inventory, containing key models across
the Group, is reviewed and updated on a regular basis
and has all the necessary information to enable
effective model risk reporting and planning.
* High-risk issues and findings on material models are
addressed urgently and outstanding model risk issues
and findings are monitored and reported to relevant
governance forums across the Group.
* Group Model Governance Forum meets regularly and
effectively provides model risk oversight, driving a
standardised approach to model development and
governance across the Group.
* Existing Group Model Risk Management Framework has
been assessed against the PRA's proposed Model Risk
Management Principles (CP6/22) and found no material
gaps.
* Enhancements made to the existing IFRS 9 models with
further improvements planned on the governance,
performance monitoring and methodology of these
models.
----------------------- --------------------------------------------------------------
Responsibilities statement
The Directors' responsibilities statement is extracted from page
118 of the 2022 Annual Report and Financial Statements.
Company law requires the directors to prepare financial
statements for each financial year. Under that law the directors
are required to prepare the Group financial statements in
accordance with relevant IFRS, IFRIC interpretations and the
Companies Act 2006.
Patrick Snowball Chairman
Malcolm Le May Chief Executive Officer
-------------------------
Neeraj Kapur Chief Finance Officer
-------------------------
Andrea Blance Senior Independent
Director
-------------------------
Angela Knight Non-Executive Director
-------------------------
Elizabeth Chambers Non-Executive Director
-------------------------
Margot James Non-Executive Director
-------------------------
Paul Hewitt Non-Executive Director
-------------------------
Graham Lindsay Non-Executive Director
-------------------------
Michele Greene Non-Executive Director
Appointed 9(th) March
2023
-------------------------
Robert East Non-Executive Director
Resigned 13(th) January
2022
-------------------------
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ACSNKBBNCBKKCQD
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April 12, 2023 05:41 ET (09:41 GMT)
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