Board activity
Our Board of Directors meets frequently, and the average attendance rates demonstrate the diligent participation of all our Directors.
In the year ended 30 June 2024, the Board of Directors met on 13 occasions, plus induction and training sessions.
The level of participation among Board members is high, with an average attendance rate of 95.8%.
The average duration of the Board meetings is around four hours.
Meetings of the Board of Directors are called by the Chairman at the request of at least three Board members. The Statutory Audit Committee too, or even just one of its members, may call Board meetings subject to prior notice being given to the Board Chairman. The Board may also adopt valid resolutions even if meetings have not been formally called, if all Board members and all Statutory Auditors currently in office are in attendance. Board meetings may also be held using video or teleconference facilities.
The Board offers induction and training programmes to sharpen Directors’ expertise and fill out their knowledge of the Group. The Chairman is responsible for setting the agenda, based among other things on the results of the self-assessment process, comments made by the Directors themselves, and suggestions from the heads of the business areas and control units.
In the financial year ended 30 June 2024, in addition to the Board meetings themselves, a total of nine induction sessions were arranged for new members (although also open to other Directors and Statutory Auditors as well) on the following issues:
- Governance: regulations, Articles of Association, other rules
- Treasury management: ALM and FTP
- Risk Management: activities, organization and reporting flows
- Risk Management: capital and liquidity requirements
- Group Staff Remuneration Policy
- Financial statements and reporting
- Group Audit and Compliance & Group AML units
- IT governance: organization
- ESG issues.
In addition, a total of five induction meetings were also arranged for the whole Board, on the following issues:
- SREP letter – IT issues
- Recovery plan and resolution plan
- Consumer credit market and risks facing Compass
- RAF, RAS and budget
- Budget and RAS for FY 2024-25.
Three training meetings were also held on the following issues: artificial intelligence and its main uses within the Group; Cyber-security; Geopolitical scenarios.
The average duration of the induction and training sessions was around two hours.
