Articles of Association extract which relate to the establishment and composition of the Audit Committee.
- The directors shall establish a committee (referred to in these articles as “the Audit Committee”) to assist the board of directors in fulfilling its responsibilities with regard to oversight of (a) the company’s financial statements and auditing, accounting and related reporting processes and (b) the company’s systems of internal control regarding finances, accounting and financial reporting.
- The Audit Committee shall comprise the chair of the Audit Committee (as appointed in pursuance of article 71) and at least two other individuals (who need not be directors of the company) appointed by the board of directors.
- Subject to article 119, the composition and proceedings of the Audit Committee shall be governed by such standing orders as may be issued by the directors from time to time.
Where possible Glasgow Life aim to appoint trustees with a financial background however this depends on the skills and experience available within the Board. Therefore Glasgow Life ensure that the Audit Committee has an Independent Member with a financial background to provide oversight and scrutiny. Audit Committee members receive no remuneration for carrying out this role.
The terms of Reference for the Audit Committee.