Strategic Report
Financial Statements
Governance
93
Investment The Boards of JRL and PLACL have delegated responsibility for the oversight of investment activities within an investment management governance framework to the JRL and PLACL
Investment Committees. Key responsibilities include:
• recommending the investment framework, material changes to the investment strategy and any major strategic initiatives to the JRL and PLACL Boards for approval; • overseeing the alignment of investment activities and performance to the Group’s strategy, including the Group’s targets for investments to be carbon net zero by 2050 with an interim target of a reduction of 50% by 2030; • reviewing climate-related risks to the investment portfolio; • reviewing the performance of external investment managers and the effectiveness of reporting procedures; and • approving the entry into investment management agreements and other documentation within the remit of their terms of reference. In addition to the scheduled quarterly meetings, the JRL and PLACL Investment Committees held two meetings on a nested basis with the GRCC in 2024 to consider investment risk related matters. The terms of reference, which set out the scope and delegated responsibilities of each Committee, are reviewed and approved by the JRL and PLACL Boards at least annually. REGULATED DISTRIBUTOR HUB Financial Solutions Limited specialises in offering comprehensive financial retirement solutions and distributing products tailored for the at-retirement and in-retirement market. The Board consists of three Non-Executive Directors and one Executive Director, and it is chaired by John Perks. During the year, there were four scheduled Board meetings, along with an additional strategy session. The matters reserved for the Board are documented and approved by the Board. REGULATED LIFETIME MORTGAGE PROVIDERS The principal activity of the regulated lifetime mortgage providers, Just Retirement Money Limited (“JRML”) and Partnership Home Loans Limited (“PHLL”), is the origination and administration of loans secured by residential mortgages. Each Board comprises three Non- Executive Directors and two Executive Directors, and it is chaired by Michelle Cracknell. Four scheduled meetings were held during the year. The matters reserved for the JRML and PHLL Boards are documented and approved by the respective Boards.
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