84 | Just Group PLC | Annual Report and Accounts 2023
GOVERNANCE IN OPERATION continued
Training and Development As part of the annual Board effectiveness review, the Group Chair discusses with each of the Directors their training and development needs which are reflected in their development plans. On an ongoing basis, the Company will arrange for the Directors to develop and update their skills, knowledge and familiarity with the Company in the areas mutually identified as beneficial. DIVERSITY, EQUITY, INCLUSION AND BELONGING The Board is fully committed to promoting diversity, equity, inclusion and belonging at Board and senior management level as well as throughout the Group. The Board has in place a Diversity, Equity, Inclusion and Belonging Policy which sets out the Board’s broader diversity strategy and plans alongside Just’s approach to the diversity of the Board, Board Committees and the Group Executive Committee. While new appointments will be based on skill, experience and knowledge, careful consideration will also be given to diversity. The Board continues to satisfy the diversity targets set by the FTSE Women Leaders and Parker reviews, and Listing Rules as described in more detail in the Nomination and Governance Committee report. In accordance with the Code requirements, the Board has considered its composition and believes that it has the appropriate balance of skills, capabilities, expertise, diversity, independence and knowledge to enable it and its Committees to discharge their duties and responsibilities effectively.
ASSESSING BOARD AND BOARD COMMITTEE EFFECTIVENESS The Board monitors and improves performance by reflecting on the continuing effectiveness of its activities, the quality of its decisions, and by considering the individual and collective contribution made by each Board member. This is assessed annually through the Board evaluation process. The 2023 Board and Board Committee evaluation was facilitated by an external consultant, Boardroom Review Limited, who has no other connection with the Company or Director. The methodology of the 2023 review was aligned with the 2022 internal review and structured to allow the identification of new focus areas. In line with prior years, the effectiveness review also covered the regulated life companies’ Boards. Thematic priorities for review were established by Boardroom Review Limited in discussion with the Group Chair and Group Company Secretary. The external consultant reviewed meeting papers and supporting material, conducted one-to-one interviews with Board members and the Group Company Secretary, and hosted a workshop at which the conclusions of the review were discussed and actions agreed. The Nomination and Governance Committee monitored progress against the actions agreed following the 2022 review and concluded that good progress had been made to address the areas that required further attention as summarised in the table below.
Progress against 2022 evaluation findings
Focus areas
Actions taken during 2023
Board and Board Committee succession planning The composition of the Board and Board Committees, including the preferred number of Non-Executive Directors were considered by the Group Chair and the Nomination and Governance Committee during the year. The Committee’s recommendations were approved by the Board, which led to various changes to the composition of the Board and Board Committees as covered in more detail in the Chair’s governance overview. Emergency (up to six months), Medium (six months to a year) and Long-Term contingency planning of the key roles of Group Chair, Senior Independent Director and Chairs of the Board Committees, was considered by the Group Chair and Nomination and Governance Committee, with an update presented to the Board by the Group Chair on the agreed actions. Management information There continued to be a strong focus on streamlining and enhancing management information provided in papers to the various Board Committees. Independent views were sought and presented to the Board and Board Committees on specialist areas including House Prices, Economics, and Consumer Duty requirements. Training A comprehensive and tailored training programme was provided to the Board and its Board Committees in 2023, which covered various topical themes and technical matters, including the new IFRS 17 insurance accounting standard, climate risk, Consumer Duty requirements, collateral management, and the Internal Model.
Business development
The Business Development team now provides competitor analysis and market share information to the Board and Board Committees to support the wider Board in-depth reviews.
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