Our Board

The Board of Directors is the overall governing body of the Society. The Board is responsible for the overall stewardship of the Society (including subsidiary businesses) to ensure its long-term success. The principal functions of the Board include (but not limited to): 

  • 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.

The details of all our directors are below.

Nigel Charles Annett CBE, MSc, MA [Hons], DSc Econ, Non-Executive Director

Joined the Board in October 2013. Chair of Technology Committee. Member of Governance and Nominations Committee and Remuneration Committee.

Nigel Charles Annett

Skills and experience
I previously worked in investment banking, but after ten years joined the Board of Welsh Water, initially as Planning Director. I was one of the founding Directors of Glas Cymru, the not-for-profit company that took over the ownership of Welsh Water in 2001, and Managing Director of Welsh Water until 2014. I believe strongly that mutual business models can do a great deal of good for the people and the communities that they serve.

Contribution to the Society’s long-term sustainable success
I am responsible for ensuring effective oversight of the Society’s ongoing transformation programme so that we continue to transform and modernise to benefit both current and future generations of Members.

Other roles
Board member of the Canal and River Trust and a Trustee of the Community Foundation in Wales. I sit as a member of the Society’s Colleague Forum and it is my role to ensure that the voice of colleagues is heard directly in the Boardroom alongside that of Members.

Jonathan Baum, MBA, MA, Non-Executive Director

Joined the Board in July 2021. Member of Audit Committee, Board Risk Committee and Governance and Nominations Committee.

Image of Jonathan Baum 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. Since 2020, I have been a Non-Executive Director for both TransUnion UK and Vanquis Bank.

Contribution to the Society’s long-term sustainable success
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
Board member of TransUnion UK and Vanquis Bank and a Director of Baum Advisory Ltd.

Tom Denman, BSc (Econ) [Hons], ACA, Chief Financial Officer

Joined the Board in August 2017.

Tom Denman Skills and experience
I am a qualified Chartered Accountant and bring over 20 years’ experience in finance to my role. Prior to joining the Society, I held a number of finance roles across a range of industries including commercial property, infrastructure and the legal profession along with five years with PwC in Cardiff and Sydney. I was appointed Deputy Finance Director in March 2016 with responsibility for all of finance, treasury operations, procurement and legal services, and was subsequently appointed CFO in June 2017.

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.

Debra Evans-Williams, Non-Executive Director

Joined the Board in September 2019. Member of Technology Committee, Governance and Nominations Committee and Remuneration Committee.

Skills and experience
During my career, I have held a range of Executive and Non-Executive Director positions and have also worked in a consultancy role with companies in the UK, Europe and the US. My previous experience includes five years spent at the Britannia Building Society, as well as senior roles at 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
Chair of Local Democracy and Boundary Commission for Wales, Non-Executive Chair of Careers Wales, Non-Executive Director of Co-Op Insurance, Non-Executive Director of the Milford Haven Port Authority and Trustee of the Alacrity Foundation. I am also a proud ambassador for Tŷ Hafan.

Claire Hafner ACA, MA, Non-Executive Director

Joined the Board in April 2018. Chair of Remuneration Committee. Member of Audit Committee, Board Risk Committee and Governance and Nominations Committee.

Claire Hafner Skills and experience
I am a qualified accountant (ACA) and have an MA in Languages and Economics. I trained and qualified at Ernst & Young in the Financial Services audit department followed by a further three years in corporate tax. During my career, I have performed a broad range of roles across multiple sectors including a term of six years as a Non-Executive Director of the West Bromwich Building Society.

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.

Julie-Ann Haines MSc, BA [Hons], Chief Executive Officer

Joined the Board in May 2016.

Julie Ann Haines Skills and experience
I was appointed Chief Executive Officer in 2020, prior to that I had been the Society’s Customer Director since 2012. Before joining Principality, I was a senior manager in sales, marketing and technology for companies such as Sainsbury’s and HBOS. Working closely with customers has always been a critical part of what I do.

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.

Derek Anthony Howell BSc [Hons], FCA, Non-Executive Director, Senior Independent Director

Joined the Board in April 2014. Chair of Audit Committee. Member of Board Risk Committee and Governance and Nominations Committee.

Derek Anthony Howell Skills and experience
I hold a degree in mathematics and qualified as a Chartered Accountant with Price Waterhouse – subsequently Pricewaterhouse Coopers (PwC) where I initially worked in audit and eventually specialised in corporate recovery and insolvency work, becoming a partner in 1988. Following my retirement from the partnership, I continue to act as a consultant for PwC solely in connection with the ongoing administration of Lehman Brothers. 

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. 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. 

I am responsible for helping 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
Treasurer of St John Cymru Wales, Consultant for PwC and a trustee of both the National Botanic Garden of Wales and Artes Mundi.

Robert Michael Jones BA [Hons], MBA, ACIB, Chief Risk Officer

Joined the Board in February 2013.

Robert Michael Jones Skills and experience
Having worked for the Society since 1997, I was appointed Head of Group Risk in 2005 and promoted to the role of Director of Group Risk (now Chief Risk Officer - CRO) in 2009. In December 2019, I was appointed Interim Chief Executive Officer (CEO) by the Board and undertook those duties until September 2020, at which point I moved back to my substantive role as CRO. I have spent over 40 years working in Financial Services, starting my career at Midland Bank and subsequently at HSBC, undertaking a number of managerial roles in both the retail and corporate banking divisions. I hold a degree in Economics, an MBA from Henley Management College, and I am an Associate Member of the Chartered Institute of Bankers.

Contribution to the Society’s long-term sustainable success
Whilst Interim CEO, I was responsible for leading the Executive team to ensure we continue to deliver the Society’s strategy for the long-term interests of our Members in addition to maintaining the smooth running of the Society’s day-to-day operations. As CRO, together with the CFO, I am responsible for ensuring the Society maintains a strong capital base which will enable it to continue to grow and compete successfully over the long-term. I also have responsibility for the Society’s second line of defence to ensure risk management is embedded throughout and aligns to the Society’s risk appetite, purpose and objectives.

Other roles  
Member of the UK Finance Mortgage Product and Service Board.

 

Sally Jones-Evans FCIB, MBA, MSC, Chair, Non-Executive Director

Joined the Board in February 2015, elected Chair in April 2021. Chair of Governance and Nominations Committee. Member of Remuneration Committee.

Sally Jones-Evans 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 Boards of Hafren Dyfrydwy Ltd (a subsidiary of Severn Trent PLC) and Delio Wealth Ltd, a fast growing Welsh fintech business. I have a special interest in tackling poverty and injustice and serve as a Trustee of Tearfund, the humanitarian and overseas development charity.

Iain Mansfield, LLB (Hons), FCA, Chief Operating Officer

Joined the Board in December 2019.

Iain Mansfield Skills and experience
I initially joined Principality’s subsidiary business, Nemo Personal Finance, as Finance Director in January 2015. In October 2017, I was appointed Chief Operating Officer for the Society, in addition to retaining overall responsibility for Nemo. I am a qualified Chartered Accountant and, prior to joining Principality, built 15 years’ experience in senior leadership roles across large banks, start-up businesses and private equity backed retail financial services businesses.

Contribution to the Society’s long-term sustainable success
My role is to ensure we provide excellent service to our customers, maintain and transform our technology and deliver change effectively and efficiently while maintaining appropriate operational resilience to run our business in the interests of our Members and the sustainability of the Society.

Board  Committees

The Board meets regularly and operates through its six committees:

  • Audit Committee
    The Audit Committee is a committee of the Society’s Board which assists the Board in fulfilling its oversight responsibilities in respect of matters 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 on behalf of the Board that there is a co-ordinated approach towards the oversight and management of key strategic and corporate risks. It should oversee the risk management governance structure in order that the Society’s risk profile can be readily understood and risk management resources targeted appropriately. 
  • Remuneration Committee
    Responsible for oversight of the development and implementation of the Society’s remuneration policies and practices ensuring that Remuneration policies and practices are appropriate to enable the Society to attract, retain and reward individuals with the right skills, experience, knowledge and behaviours to support the achievement of the Society’s purpose.
  • Technology Committee
    The role of the Committee is to provide Board oversight of the Society’s Hybrid Transformation Programme and to make recommendations to the Board in relation to material changes to the Hybrid Transformation Programme.
  • 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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