Governance

We have a strong ethos of corporate governance and are committed to business integrity, ethics and professionalism.

Corporate Governance

Brit Limited Board

The Board is responsible for the management and control of the Group’s strategy and overall policies, and is the decision making body for all matters material to the Group. The Board has a number of matters that are reserved for the Board’s determination and/or approval. These matters are subject to review from time to time..

Matters Reserved for the Board 

The Board delegates certain powers to a number of committees and within written terms of reference as detailed below.

Committees

Audit Committee

The Audit Committee is mandated to monitor the financial reporting process and system of internal controls surrounding financial reporting and accounting compliance. Amongst other responsibilities, the Audit Committee reviews Brit’s financial statements prior to their approval by the Board and recommends the appointment and dismissal of the external auditors.

Nomination Committee

The Nomination Committee regularly reviews the structure, size and composition required of the Board and further gives full consideration to succession planning for directors and other senior executives within the Group, taking into account the challenges and opportunities facing the Company and the skills and expertise required for the Board.  

Remuneration Committee

The Remuneration Committee has been delegated responsibility for the determination of the terms and conditions of employment, remuneration and benefits of each of the chairman of the Board, executive directors, members of the executive and the company secretary. The Remuneration Committee also has responsibility for the determination of all aspects of share based incentive arrangements.

Brit Syndicates Limited Board

Brit Syndicates Limited is an approved Lloyd’s managing agent and its purpose is to manage the affairs of Syndicate 2987. Amongst other responsibilities, the board sets Syndicate 2987's business plans, objectives and strategy, determines and monitors various risk appetites and tolerances, oversees the company's internal model and ensures that it is used to make decisions across the business and approves regulatory returns.

The Committees of the Brit Syndicates Limited Board are the:

BSL Audit Committee

The Audit Committee is mandated to monitor the financial reporting process and system of internal controls surrounding financial reporting and accounting compliance. Amongst other responsibilities, the Audit Committee reviews Brit’s financial statements prior to their approval by the Board and recommends the appointment and dismissal of the external auditors.

BSL Risk Oversight Committee

The Risk Oversight Committee is mandated to approve the Group’s risk management framework, risk management policies and arrangements and internal control policies. Amongst other responsibilities, the Risk Oversight Committee reviews and considers various types of risk, including insurance, operational credit, market and liquidity risk, as well as the Group’s capital adequacy and governance of the internal control.  

BSL Investment Committee

The Investment Committee is mandated to review, advise and make recommendations to the Board and management to inform the setting of strategy with a view to optimising Group investment performance.

Documents

The Memorandum on Corporate Governance outlines the Company’s commitment to strong governance in line with the UK Corporate Governance Code.

Our Modern Slavery and Human Trafficking Statement outlines our commitment to ensuring that there is no modern slavery or human trafficking in our supply chains or in any part of our business.