The directors have general responsibilty for safeguarding the assets of the Group and for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Corporate Governance

The Hanley fully complies with the Code of Practice in respect of "Boards and Management" as issued by the Financial Services Authority.

Board Committees

There are four sub-committees of the Board and each have their own Terms of Reference.

1. The Assets & Liabilities Committee meets quarterly and monitors and controls balance sheet risk, funding and liquidity in accordance with the Society’s policy. The committee comprises of two Non-Executive Directors, Ted Turner and Francis Stafford, and two Executive Directors, David Webster and Steven Jones (Chair).

2. The Audit & Compliance Committee meets quarterly and reviews the effectiveness of internal controls, the compliance function and the Group’s risk management function. It considers and recommends the appointment of the internal and external auditors and monitors their effectiveness and independence. The committee comprises of three Non-Executive Directors, Edward Jenner (Chair), Ted Turner and John Wood.

3. The Remuneration Committee meets at least twice a year and independently reviews and recommends changes to the terms and conditions of employment of the Directors and Senior Managers. The committee comprises of two Non-Executive Directors, Francis Stafford (Chair) and Ann Henshaw.

4. The Nominations Committee meets as required to consider Board appointments. All Board members sit on this committee.