Annual report and accounts 2009 (PDF) - Coventry Building Society

More documents

Recommendations

Info

DIRECTORS’ REMUNERATION REPORT(continued)d) Pension arrangementsThe Chief Executive, the Finance Director and the ChiefOperating Officer are active members of the Society’sfunded defined contribution pension scheme.The Chief Executive is also a deferred member of theSociety’s contributory final salary pension scheme whichhe voluntarily left in July 2006 on being appointed ChiefExecutive.The Sales and Marketing Director is a member of theSociety’s contributory final salary pension scheme.e) Other benefitsEach executive director is provided with a fully expensedcar and membership of a private medical insurancescheme.POLICY FOR NON-EXECUTIVE DIRECTORSNon-executive directors are independent of the Society’smanagement and are not required to devote the whole oftheir time to its affairs.After considering recommendations from the executivedirectors, the board (chaired for this purpose by anexecutive director) determines the remuneration of all nonexecutivedirectors. No director takes part in the discussionof his or her own remuneration. Fees of non-executivedirectors are reviewed annually in light of theirresponsibilities and comparative information from otherbuilding societies. An independent review commissioned bythe Society in 2009 found that non-executive directors’ feeswere below the median level set by the Society’scomparison group of building societies. Non-executivedirectors do not participate in any performance related payor bonus scheme, pension arrangements or other benefits;nor do they have service contracts.DIRECTORS’ REMUNERATIONFull details of directors’ remuneration for 2009 and prioryear comparatives, all of which form part of this report, canbe found in note 11 to the Accounts.EXECUTIVE DIRECTORS’ PENSIONSFull details of executive directors’ pension benefits can befound in note 11 to the Accounts.DIRECTORS’ SERVICE CONTRACTSIn 2006 the Society entered into a service contract with DavidStewart. The contract expires at the age of 60, but isterminable by David Stewart on six months’ notice and bythe Society on one year’s notice.In 2006 the Society also entered into a service contract withRob Green. This contract expires at the age of 60, but isterminable by Rob Green on six months’ notice and by theSociety on one year’s notice.In July 2009 the Society appointed Colin Franklin (Sales andMarketing Director) and Phil Vaughan (Chief OperatingOfficer) to the board. Service contracts were entered intowhich are terminable by the individual on six months’ noticeand by the Society on one year’s notice.On behalf of the boardBridget BlowChairman of the Remuneration Committee1 March 201026
STATEMENT OF DIRECTORS’RESPONSIBILITIESThe following statement, which should be read in conjunction with the statement of the auditors’ responsibilities on page 28,is made by the directors to explain their responsibilities in relation to the preparation of the Annual Accounts, AnnualBusiness Statement and Directors’ Report.The directors are responsible for preparing the Annual Report, Annual Business Statement, Directors’ Report and theAnnual Accounts in accordance with applicable law and regulations.The Building Societies Act 1986 (the Act) requires the directors to prepare Group and Society Annual Accounts for eachfinancial year. Under that law they are required to prepare the Group Annual Accounts in accordance with InternationalFinancial Reporting Standards (IFRS) as adopted by the European Union (EU) and applicable law and have elected to preparethe Society Accounts on the same basis.The Group and Society Annual Accounts are required by law and IFRS as adopted by the EU to present fairly the financialposition and the performance of the Group and the Society; the Building Societies Act 1986 provides in relation to suchAnnual Accounts that references in the relevant part of that Act to Annual Accounts giving a true and fair view are referencesto their achieving a fair presentation.In preparing each of the Group and Society Annual Accounts, the directors are required to:select suitable accounting policies and apply them consistently;make judgements and estimates that are reasonable and prudent;state whether they have been prepared in accordance with IFRS as adopted by the EU; andprepare the Annual Accounts on the going concern basis, unless it is inappropriate to presume that the Group andSociety will continue in business.In addition to the Annual Accounts, the Act requires the directors to prepare, for each financial year, an Annual BusinessStatement and a Directors’ Report, each containing prescribed information relating to the business of the Group.The directors are responsible for ensuring that the Group:keeps proper accounting records that disclose with reasonable accuracy at any time the financial position of the Groupand Society, in accordance with the Act; andtakes reasonable care to establish, maintain, document and review such systems and controls as are appropriate to itsbusiness (in accordance with the rules made by FSA under the Financial Services and Markets Act 2000).The directors have general responsibility for safeguarding the assets of the Group and for taking reasonable steps for theprevention and detection of fraud and other irregularities.The directors are satisfied that the Group has adequate resources to continue in business for the foreseeable future. Forthis reason, the Annual Accounts continue to be prepared on the going concern basis.27
Page 1 and 2: ANNUAL REPORT & ACCOUNTS 2009
Page 3: ChairmanDavid HardingDeputy Chairma
Page 11 and 12: DIRECTORS’ REPORTBUSINESS OBJECTI
Page 13 and 14: Financial performanceThe Society ac
Page 15 and 16: ASSETSThe assets of the Group incre
Page 17 and 18: KEY PERFORMANCE INDICATORSNET MORTG
Page 19 and 20: Remuneration CommitteeConsisting of
Page 21 and 22: RISK MANAGEMENT REPORTPRINCIPAL RIS
Page 23 and 24: CORPORATE GOVERNANCEThe board is ac
Page 25 and 26: APPOINTMENTS TO THE BOARDThe appoin
Page 27: DIRECTORS’ REMUNERATION REPORTINT
Page 31 and 32: OPINIONIn our opinion:the Annual Ac
Page 33 and 34: BALANCE SHEETSas at 31 December 200
Page 35 and 36: CASH FLOW STATEMENTSfor the year en
Page 37 and 38: Improvements to IFRSThe improvement
Page 39 and 40: FINANCIAL LIABILITIESFinancial liab
Page 41 and 42: PENSION COSTSThe Society operates b
Page 43 and 44: Loan impairment and other provision
Page 45 and 46: 7. OTHER OPERATING INCOMEGroup Soci
Page 47 and 48: 11. DIRECTORS’ EMOLUMENTS (contin
Page 49 and 50: 12. PENSION SCHEME (continued)2009
Page 51 and 52: 13. IMPAIRMENT PROVISIONS ON LOANS
Page 53 and 54: 14. PROVISION FOR FSCS LEVIESAll de
Page 55 and 56: 20. DEBT SECURITIESGroup Society Gr
Page 57 and 58: 21. DERIVATIVES AND OTHER FINANCIAL
Page 59 and 60: 24. INTANGIBLE FIXED ASSETSGroup So
Page 61 and 62: 26. DEFERRED TAXDeferred tax assets
Page 63 and 64: 32. OTHER LIABILITIESGroup Society
Page 65 and 66: 38. FINANCIAL COMMITMENTSGroup Soci
Page 67 and 68: 40. FINANCIAL INSTRUMENTS (continue
Page 75 and 76: 41. RELATED PARTY TRANSACTIONSULTIM
Page 77 and 78: 42. NOTES TO THE CASH FLOW STATEMEN
Page 79 and 80:
2. OTHER PERCENTAGES2009 2008% %As
Page 81 and 82:
3. INFORMATION RELATING TO DIRECTOR
Page 84:
www.thecoventry.co.ukCoventry Build
show all

Annual report and accounts 2009 (PDF) - Coventry Building Society

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?