Corporate Governance
Cornish Mutual adheres to all appropriate and relevant provisions of the Annotated Combined Code on Corporate Governance: An Annotated Version for Mutual Insurers (July 2005).
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.
Cornish Mutual is a trading name of The Cornish Mutual Assurance Co. Ltd. We are Authorised and Regulated by the Financial Services Authority. The products featured on this site are available to UK residents only and, unless otherwise stated, are provided by The Cornish Mutual Assurance Co. Ltd. No advice on investments has been given. If you are in any doubt as to the suitability of a product you should seek independent advice. Please note all calls may be recorded for security and training purposes.