Annual_Report2014

85 Appendices
Provision(s) of the UK Code
Evaluation of Board members’
performance/Objective and scope of
same
Board members’ training and
development needs
Executive director & nonexecutive
directorships of FTSE
100 Company
Evaluation of Boards of FTSE 350
Companies
Generation/preservation of value
Audit committee and recommendation
of the external auditor/Non-audit
services
Disclosure of proxies/AGM Notices
Annual Risk Assessment
Explanation
Subject to the availability of resources, the Board performs periodic internal
and external assessments of the performance of the Board as a collective
body. During 2014, the Board underwent a corporate governance review by
IAASA’s internal auditors which was commissioned by the Board. However, as a
regulatory agency established by statute, it is not appropriate to publicise how
such an evaluation has been conducted.
Periodic and ongoing training for directors occurs as part of the director’s
induction and on an annual basis at the Board’s strategic planning and training
day. It has not been considered necessary to date for the chairperson to meet
with each director to assess, review and agree their individual training and
development needs.
The Chief Executive is the sole executive director on the Board and has no FTSE
100 directorships.
IAASA is not a FTSE 350 company.
IAASA does not trade for the acquisition of gain.
The C&AG is, in accordance with the Act, IAASA’s statutory auditor. The C&AG
does not provide non-audit services to IAASA.
Owing to the confidentiality provisions of section 31 of the Act, IAASA it
prohibited from disclosing information relating to proxies. As IAASA is a
statutory company limited by guarantee not having a share capital, and relies
upon an external third party to provide an audit opinion, IAASA provides
notices of its AGM within the statutory parameters.
IAASA conducts a robust assessment of the principal risks facing the company
on an annual basis, but it is not a company trading for profit. As a statutory
regulator, IAASA does not consider it appropriate to describe those risks and
explain how they are being managed or mitigated, nor does IAASA deem
it relevant that an explanation be provided in the Annual Report how the
prospects of the company have been assessed.