Independent Governance Committee Chair

Job Title: Independent Governance Committee Chair  

Contract Type: Initial term of 3 years

Location: Meetings are held in London and Edinburgh (occasionally also at Alderley Park)

Closing date: 26 April 2024

The Independent Governance Committee (IGC) Chair leads the IGC and has ultimate responsibility for ensuring it fulfils its obligations.  The primary purpose of the Royal London IGC is to act independently and assess the ongoing value for money delivered to Royal London’s workplace pension and investment pathway customers.  The IGC also has responsibility for assessing Royal London’s Environmental, Social and Governance policies.  Full details of the IGC’s responsibilities are included in its terms of reference, available via this link.  The IGC is required to report on, and escalate, issues as appropriate and provide annual reporting for public disclosure.  The latest Royal London IGC annual report can be found via this link. 

The Royal London IGC operates in accordance with FCA Conduct of Business Sourcebook (COBS) rules.

About the role

• Set the agenda and objectives for the IGC and ensure that they are aligned with the interests of relevant Royal London policyholders and regulatory requirements.
• Lead the IGC meetings and facilitate constructive discussions and decision-making among the IGC members (the Royal London IGC includes both independent and non-independent members).
• Manage the relationship, communication and reporting between the IGC and key stakeholders.  These stakeholders include Royal London, the FCA, policyholders and employers.  The IGC Chair typically acts as the main point of contact for any issues or queries raised in relation to the IGC.
• COBS rules (19.5(6)) specifically makes the IGC Chair responsible for the production of the IGC’s annual report, the Chair is therefore required to oversee the drafting, approval and publication of this document. 
• Monitor the ongoing value for money delivered to workplace pension and investment pathway customers, and challenge Royal London to make improvements where necessary.
• Ensure that the IGC has the appropriate skills, knowledge, and diversity to carry out its functions effectively and independently.
• Identify and manage any conflicts of interest that may arise within the IGC or between the IGC and Royal London.
• Keep up to date with the relevant developments and changes in the pension industry and the regulatory framework related to IGCs.
• Engaging with Royal London, the FCA and industry groups to influence the evolving role of IGCs (including co-ordinating the IGC’s response to relevant consultations). 

About you

• A proven track record of leadership and governance in the pension and/or financial services sector.
• Experience in leadership roles operating at Board and Committee level.
• Strong communication and interpersonal skills, and the ability to engage and collaborate with a wide range of stakeholders.
• Sound knowledge and understanding of the workplace pension scheme market and the regulatory environment.
• Analytical and critical thinking skills, and the ability to assess and challenge information and data provided.
• High standards of integrity, independence, and professionalism.
• A relevant professional qualification or accreditation in the pension or financial services sector.

Time Commitment:

The IGC Chair is expected to attend all meetings of the IGC and the Royal London AGM.  IGC meetings are held quarterly, typically in London and Edinburgh (but may also occasionally be held at Alderley Park).  In addition, an annual two-day summer workshop is held (typically in Edinburgh).  Shorter ad hoc meetings are also held as required throughout the year, these meetings are generally held remotely..

About Royal London

We’re the UK’s largest mutual life, pensions and investment company, offering protection, long-term savings and asset management products and services.   

Our People Promiseto our colleagues is that we will all work somewhere inclusive, responsible, enjoyable and fulfilling. This is underpinned by our Spirit of Royal London values; Empowered, Trustworthy, Collaborate, Achieve. 

Please note independence criteria apply to this role, a candidate will not be considered sufficiently independent if any of the following circumstances exist:

• the candidate is an employee of Royal London or of a company within the Royal London Group or paid by them for any role other than as an IGC member.
• the candidate has been an employee of Royal London or of another company within the Royal London Group within the five years preceding the appointment to the IGC.
• the candidate has, or had within the three years preceding their appointment, a material business relationship of any description with Royal London or with another company within the Royal London Group, either directly or indirectly.

Inclusion, diversity and belonging 

We’re an Inclusive employer. We celebrate and value different backgrounds and cultures across Royal London. Our diverse people and perspectives give us a range of skills which are recognised and respected – whatever their background.