The role of the Board

The Board is responsible for directing and supervising the Society’s affairs, ensuring
that it meets its statutory and regulatory obligations and protecting the interests of
its members.
 
It also has a duty to ensure that the Society maintains proper accounting records and
effective business control systems.
 
Each year directors are responsible for the preparation of this Annual Review, the
Annual Accounts, an Annual Business Statement, a Directors’ Report and ancillary
reports and statements.
 
The Board currently comprises two full time executive directors and five non-executive
directors. Executive and non-executive directors have the same legal roles however
there are important differences between the two.
 
The two executive directors are part of a management team, led by the Chief Executive, whose role is to develop strategy and to manage the business.
 
The role of the non-executive director has the following key elements:-
 
Strategy – non-executive directors constructively challenge and help to develop proposals on strategy by making a creative and informed contribution.
 
Performance – non-executive directors scrutinise the performance of executive management in meeting agreed strategic objectives.
 
Resources – non-executive directors ensure that the necessary resources are in place for
the Society to meet its objectives. This includes the determination of executive remuneration.
 
Risk – non-executive directors satisfy themselves that systems of risk management are robust and effective and that the Society’s systems and controls for managing these risks are being complied with. This role requires them to ensure that potential risks facing the Society have been identified and the appropriate counter measures are in place.
 
Independence– All non-executive directors are required to be independent and free of
any interests which could materially influence the impartial exercise of their judgement.
 
Competence, fitness and propriety
All directors are included within the Prudential Regulation Authority and the Financial Conduct Authority's “Approved Persons” regime and must be individually approved by both the Prudential Regulation Authority and Financial Conduct Authority before taking up their post. All directors must meet the Prudential Regulation Authority and the Financial Conduct Authority's requirements regarding competency, fitness and propriety, and integrity.

Head office:

Vernon Building Society
19 St Petersgate
Stockport
SK1 1HF

Tel: 0161 429 6262
Fax: 0161 477 3303
Email: info@thevernon.co.uk

Telephone calls are recorded and may be monitored for regulatory and training purposes to help maintain service quality.

*The 'AER' stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Vernon Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (registration number 195475).  You can check this on the Financial Services Register. We are also a participant of the Financial Services Compensation Scheme (FSCS). Details of the scheme can be obtained from www.fscs.org.uk

Telephone calls are recorded and may be monitored for regulatory and training purposes to help maintain service quality.

For independent information about financial products and services visit  www.moneyadviceservice.org.uk

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