As a small Mutual, a number of the provisions do not apply to us
but accepting that they are best practice, we work towards
utilising such provisions where they are appropriate and
proportionate.
Operations of The Board
The Cornish Mutual Board of Directors meets six times every
year. All Board members receive management accounts every month,
with papers for the forthcoming meeting being forwarded
approximately ten days in advance. To read about individual board
members, visit our Directors page.
The Board is conscious that it should reflect the concerns and
views of the wider membership. Whilst the Board is currently
satisfied with its makeup, it recognises that as a rural community
changes and as the demands of our business develop, it will need to
expand its expertise to ensure it has appropriate skills.
The Board concerns itself with the following areas:
- Strategy and Management. For example,
approving long term strategy and annual budgets, and reviewing
company performance against our objectives.
- Financial reporting and control. Such as
checking the annual report and accounts.
- Internal controls. Establishing a sound
process of internal control and risk management and ensuring that
an annual assessment of these systems takes place.
- Board membership and appointments.
- Remuneration. Determining the remuneration
policy for the Managing Director and Non-Executive Directors,
subject to Member approval at the A.G.M.
- Company policies. For example, investment
policy, underwriting and reinsurance policy and Health and Safety
policy.
All Non-Executive Directors are regarded as independent in
character and in judgement. Cornish Mutual is a Member-based
organisation so all Directors have to be Members to be eligible to
sit on the Board. No Director can hold so many insurance policies
as to be dominant over other Board members.
Internal Controls
Financial control of the Company is vested in the Managing
Director, and the Board share in the monitoring of performance
through a number of specific reports, including quarterly solvency
reviews and an annual review of the company's Individual Capital
Assessment, in addition to the normal monthly management
accounts.
Operational issues are delegated via the Managing Director to
the Senior Management of the company. Staff operate within defined
authority levels and company procedures, which are established and
monitored on a regular basis to ensure regulatory requirements are
being fulfilled.
Risks that the Company faces are managed in the format of a risk
register, which is formally reviewed every year.
