Page 44 - Suncorp_Review

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COMMITTEE MEMBERS AND COMPOSITION ROLE

Risk The members of the Risk Committee are:

–– Ms I Atlas (appointed 1 February 2011) –– Mr E Kulk (Chairman from 1 September 2010) –– Dr Z Switkowski

Mr J Story is an ex-offcio member of the Risk Committee.

Mr S Grimshaw (resigned 23 August 2011) Dr I Blackburne (retired 31 August 2010)

The role of the Risk Committee is to provide the Board with oversight across the Suncorp Group for all categories of risk, through the identifcation, assessment and management of risk and monitoring adherence to internal risk management policies and procedures.

Specifc issues addressed and activities undertaken by the Risk Committee throughout the year, in accordance with its charter, included:

–– review and approve the Suncorp Group’s Risk Management Framework

–– review and confrm the Suncorp Group’s risk appetite –– review Line of Business risk reports and assess performance against risk appetite

–– review and approve stress test scenarios

–– oversight of the risk appetite, business planning and capital management development process

–– review and approve Suncorp Group policy framework and policy suite; and

–– review and approve risk management strategies and reinsurance management strategies as required by APRA.

Remuneration The members of the Remuneration

Committee are:

–– Ms I Atlas (appointed 1 February 2011) –– Dr Z Switkowski (Chairman)* –– Mr W Bartlett –– Mr E Kulk

Mr J Story is an ex-offcio member of the Remuneration Committee.

The Remuneration Committee is responsible for making recommendations to the Board on:

–– the individual remuneration arrangements of the Group CEO, executives and person(s) or category of persons that may be specifed by APRA

–– the size of the annual bonus/incentive pools –– the remuneration of non-executive directors; and –– the remuneration structure of the categories of persons covered by the Company’s remuneration policy.

During the year, the Remuneration Committee conducted a review of the Suncorp Group’s remuneration framework, processes and policies, to identify and monitor implementation of any changes that may be required to comply with new prudential requirements on remuneration, issued by APRA on 30 November 2009, and which became effective 1 April 2010.

Nomination The Nomination Committee comprises all the

non‑executive directors.

Mr J Story is the Chairman of the Committee.

The Nomination Committee is responsible for: –– reviewing Board composition

–– recommending the appointment of directors –– approving appointments to Board committees –– planning Board succession; and

–– approving the Board performance evaluation process.

* Dr Switkowski is currently Chairman of the Remuneration Committee and is also Board Chairman elect. In accordance with the Committee charter, Dr Switkowski will resign as Chairman of the Committee on or before the date of his appointment as Board Chairman. Ms I Atlas will be appointed Chairman of the Remuneration Committee following Dr Switkowski’s resignation.

Corporate Governance Statement (continued)

Part 2. Board committees and New Zealand subsidiaries (continued)

2.3 New Zealand subsidiaries (continued)