Cumberland Building Society supports the principles of good corporate governance and, where relevant to the building society, complies with the UK Corporate Governance Code issued by the Financial Reporting Council.
The principal functions of the Board are the development and monitoring of strategy, the review of business and financial performance, and to ensure that effective systems and controls are in place for risk management.
The Board meets every month and in addition, a policy review meeting is held at least annually.
The Board has established committees to consider specific areas in more detail than would be possible within Board Meetings.
Each of the Board sub-committees has Board approved Terms of Reference:
Please be advised, Terms of Reference for Board Assets & Liabilities Committee (BALCO) and Board Customer Innovation & Technology Committee (BCIT) will be made available to members upon request.