Our Board
Board functions and responsibilities
The Board of Directors is the overall governing body of Principality Building Society. The Board is responsible for the overall stewardship of the Society (including subsidiary businesses) to ensure its long-term success.
The main functions of the Board include:
- Setting strategy and monitoring performance;
- Determining the Society’s overall Purpose;
- Setting the annual budget and medium term plan and approving capital expenditure levels;
- Ensuring that the Society is managed in the best long term interests of current and future Members and
- Determining the Society’s overall risk appetite;
- Setting the Society’s remuneration policy;
- Ensuring that an appropriate culture is in place (including setting an “appropriate tone form the top”);
- Oversight of governance arrangements.
You can find out further details here: Matters Reserved for the Board and Board Composition Policy.
Meet the Board
Principality has built up a strong Board with a wide range of skills and experience. This knowledge and expertise enables the Board to build on Principality’s strong foundations.
You can find details of all our directors below:
Joined the Board in July 2021. Chair of Board Risk Committee. Member of Audit Committee and Governance and Nominations Committee.
Skills and experience
I have 30 years of experience in domestic and international banking within globally renowned organisations including Lloyds Banking Group, Barclays Bank plc and GE Capital. I was a Non-Executive Director for TransUnion UK and Vanquis Bank.
Contribution to the Society’s long-term sustainable success
As Senior Independent Director, I act as a sounding board for the Chair, serve as an intermediary for other Directors, and am responsible for leading the annual review of the Chair’s performance. My experience across retail, business, wealth and asset finance sectors and in risk leadership roles enables me to have oversight of current and emerging risks that will ensure that the Society continues to be successful and sustainable for its Members.
Other roles
Advisory Role - Baum Advisory Ltd. Non-Executive Director at Lendable Limited.
Joined the Board in September 2019. Member of Audit Committee, Governance and Nominations Committee and Remuneration Committee.
Skills and experience
I have held a range of Executive and Non-Executive Director roles, as well as senior roles at Britannia Building Society, Tesco Compare and Confused.com.
Contribution to the Society’s long-term sustainable success
My experience in the Fintech/E-commerce arenas will enable me to make a positive contribution to the Society’s ongoing digital transformation which will support the continued delivery of stand-out experience for our Members.
Other roles
Non-Executive Director of Co-Op Insurance, Non-Executive Director of the Milford Haven Port Authority. Trustee of the Alacrity Foundation. Trustee and Chair of Victim Support. Chair of GCRE Ltd and a Director of Awen Consulting Services Ltd. I am also a proud ambassador for Tŷ Hafan. I sit as a member of the Society’s Colleague Forum.
Joined the Board in November 2022. Chair of Audit Committee. Member of Board Risk Committee and Governance and Nominations Committee.
Skills and experience
I am a qualified Accountant and fellow of the Institute of Chartered Accountants in England and Wales (FCA). I have held senior roles at leading financial institutions including HSBC, Lloyds, and ABN AMRO. I have diverse managerial and board experience in banking, insurance, financial technology, alongside skills in risk, strategic growth, finance and a passion for digitalisation.
Contribution to the Society’s long-term sustainable success
As the Board appointed Whistleblowing Champion, I am also available to Members if they have concerns, which they have not been able to resolve through the normal channels, or for which such contact is inappropriate. My experience will enable me to help the Board fulfil its oversight responsibilities in respect of matters relating to the integrity of financial and narrative statements; systems of risk management and internal control.
Other roles
CEO and Founder, Infinity Capital Partners Ltd. Board Director, United Bank of Africa. Board Director, Natwest Trustee and Depositary Services Limited
Joined the Board in April 2018. Chair of Remuneration Committee. Member of Audit Committee and Governance and Nominations Committee.
Skills and experience
I am a qualified accountant, having started my career at Ernst & Young in audit and corporate tax. I was formerly a Non-Executive Director of West Bromwich Building Society for 6 years.
Contribution to the Society’s long-term sustainable success
My experience across the different sectors of financial services, payments, professional services, multimedia and telecoms enables me to contribute to the Society’s change programme and to the Society’s continuing success.
Joined the Board in May 2016. Non-executive Director Remuneration Committee.
Skills and experience
I have over 20 years’ experience working in retail businesses, including Sainsbury’s and HBOS, in marketing, sales and technology. I was appointed as Principality’s Chief Executive Officer in September 2020. I am a Trustee of the Wales Millennium Centre.
Contribution to the Society’s long-term sustainable success
I am passionate about the Society, ensuring we build on our mutual ethos and values, rooted in our communities, its fantastic customer experience and in meeting your needs. My role is to lead the Executive team to ensure we continue to deliver the Society’s strategy for the long-term interests of our Members and ensure that the organisation runs smoothly day-to-day, supporting colleagues and building an inclusive and engaging culture.
Other roles
Member of the UK Finance Mid-Tier Strategic Advisory Committee. Member of the International Advisory Board of Cardiff Business School. Trustee of the Wales Millennium Centre.
Joined the Board in February 2015, elected Chair in April 2021. Chair of Governance and Nominations Committee. Member of Remuneration Committee.
Skills and experience
I spent 30 years in retail banking and general insurance during which I gained wide ranging experience in leading people through change, mainly in areas directly serving customers. I believe that helps me to support the Executive Leadership team to shape the Society’s ongoing change agenda.
Contribution to the Society’s long-term sustainable success
I am responsible for leading the work of the Board, ensuring the Board operates effectively in setting the strategy, overseeing the performance and setting the risk appetites of the Society. I am also responsible for ensuring robust succession plans are in place, that the Society maintains the highest standards of corporate governance and that we have an open and transparent culture.
Other roles
I sit on the Board of Hafren Dyfrydwy Ltd (a subsidiary of Severn Trent PLC). I have a special interest in tackling poverty and injustice and serve as a Trustee Director of Tearfund, the humanitarian and overseas development charity.
Joined the Board in December 2019.
Skills and experience
I am a Chartered Accountant with over 15 years’ finance experience in senior leadership roles for large banks, start-up businesses and private equity backed retail financial service companies.
Contribution to the Society’s long-term sustainable success
My role is to ensure we plan and manage the Society’s capital, liquidity and funding in the long-term interests of our Members and the sustainability of the Society.
Joined the Board in May 2023. Member of Remuneration Committee, Board Risk Committee and Governance and Nominations Committee.
Skills and experience
Shimi started out in project finance covering Africa and Asia, with Citigroup, and then went onto spend over 20 years in venture capital and private equity managing and investing assets over $1bn in the UK, US and the Middle East. She has chaired and served on a large number of boards in diverse industry sectors, including the Royal Mint. Shimi was also involved from an early stage on the board of BBOXX that has now powered more than 300,000 homes in East Africa providing more than 1.5m people with energy.
Contribution to the Society’s long-term sustainable success
It is a privilege to join Principality on its journey to be a more purposeful and inclusive organisation for its members across Wales and the UK. I look forward to helping with the continued success of growing the business and making a positive impact for our communities.
Board committees
The Board meets regularly and operates through its six committees:
- Audit Committee
The Audit Committee assists the Board in fulfilling its oversight responsibilities relating to financial reporting; systems of risk management and internal control; the prevention of fraud, tax evasion, bribery and corruption; internal audit and external audit. - Governance & Nominations Committee
Lead the process for Board appointments and make recommendations to the Board. - Board Risk Committee
The role of the Board Risk Committee is to ensure that there is a co-ordinated approach towards the oversight and management of key strategic and corporate risks.
- Remuneration Committee
Responsible for oversight of the development and implementation of the Society’s remuneration policies and practices. - Board Sub-Committee for Commercial Approvals
The role of the Board Sub-Committee for Commercial Approvals is to approve Commercial Applications in accordance with Commercial lending policy that require Board approval. - Non-Executive Remuneration Committee
The role of the Committee is to set and review Non-Executive Directors fees ensuring that these are appropriate to attract and retain high quality individuals to the Society.
Internal Audit Charter
The purpose of Internal Audit is to provide an independent and objective opinion to the Board on the adequacy and functioning of the system of internal control for the Society.
This charter formally defines the purpose of the Internal Audit function within Principality Building Society as well as its authority, scope and responsibility.
It underlines the importance of Internal Audit’s independence and objectivity and describes how the Internal Audit function interacts with the business and with the Board’s Audit Committee.
Click on the link to read Principality Building Society's Internal Audit Charter.
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