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Corporate Governance

Our Board Committees
The main board is responsible for the day-to-day management and conduct of Utmost Life and Pensions and any subsidiaries including Equitable Life.

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Principles and Practices of Financial Management
The Society has produced a detailed statement about how it manages the with-profits fund. The document is called ‘Principles and Practices of Financial Management’ (PPFM) and complies with the requirements laid down by Financial Conduct Authority. We also publish an explanation of the latest changes to the PPFM.

Click here to view Annual report to with-profits policyholders

Click here to view Changes to the PPFM

Click here to view Principles and Practices of Financial Management (PPFM)

Environmental, Social and Governance Factors
Environmental, social and governance factors (ESG or sustainability) are integrated into the investment manager’s process.

J.P. Morgan Asset Management (JPMAM) is committed to delivering superior investment performance to its clients worldwide. They believe that explicit incorporation of material Environmental, Social and Governance information in the investment process can help to deliver enhanced, risk-adjusted returns over the long-run. JPMAM have been practicing sustainable investing, in some capacity, for more than 30 years. They became a signatory to the UN PRI in 2007 and are committed to incorporating ESG factors into their investment practices and decisions. JPMAM offer various sustainable investing solutions across asset classes and geographies, and also have an established corporate engagement policy. They expect and encourage the companies in which they invest to demonstrate the highest standards of corporate governance and best business practice. JPMAM examines the share structure and voting structure of the companies in which they invest, as well as the board balance, oversight functions and remuneration policy. These analyses then form the basis of their proxy voting and engagement activity. They manage the voting rights of the shares entrusted to them as they would manage any other asset. It is the policy of JPMAM to vote in a prudent and diligent manner, based exclusively on their reasonable judgement of what will best serve the financial interests of their clients. So far as is practicable, they will vote at all of the meetings called by companies in which they are invested.

We support the incorporation of ESG factors into the investment process by JPMAM.

UK Modern Slavery Act 2015
Given the nature of the Society’s business, we do not consider there is significant risk of slavery or human trafficking within the company or its supply chain. A ‘right to work’ check is undertaken for all staff as part of the recruitment process. We pay staff above the National Living Wage. We treat staff fairly in accordance with our policies and procedures.

At least annually, we require our material third-party suppliers to attest that they comply with the requirements of the UK Modern Slavery Act 2015 and, in particular, to confirm there is no modern slavery or human trafficking in their operations or those of their subcontractors. The annual attestations provided since the legislation came into force have confirmed compliance with the Act.

The Group’s Modern Slavery Act statement is available here:

Risk Assessment COVID 19
Government guidelines require offices to complete a risk assessment in regard to opening buildings during the Covid-19 pandemic. The Risk Assessment for Utmost Life and Pensions can be found here: Risk Assessment COVID 19

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