Role of the committee
The role of the committee is to:
Terms of reference
The committee was established during 2017 and on formation approved its terms of reference.
In August 2017, the Board approved the formation of the Committee, which met four times during the rest of 2017.
The Committee has been actively involved in assessing the work being undertaken to develop and enhance the compliance programme. In early 2017 an independent consultancy was engaged to:
A key focus of the review has been to reinforce business ownership for compliance risks.
As a result of the ongoing review, Group Compliance and the consultancy have identified enhancements, assessed the increased resourcing demands, and suggested alternative Group Compliance structures for consideration by the Committee.
Our Compliance portal is at the centre of the compliance programme, and is an essential tool for the scrutiny of third-parties through risk-based due diligence. Work has been undertaken to enhance this portal and to enable due diligence to be more automated. This will enable an agreed set of compliance metrics capturing individual elements of the compliance programme. This will enhance the Committee’s ability to monitor and measure compliance implementation at Group and project levels, and for a scorecard of measurable KPIs to be created and reviewed at each Committee meeting.
The Committee assumed responsibility for the Company’s Speak Up programme and related policies, and receives details of any alleged breaches of the Code of Conduct. Discussions were held to review the relevant investigations and the actions being taken, including preventative actions to avoid recurrence.
A new committee, the Third Party Risk Committee was established during the year, which will report to this Committee.
Read George Pierson's Compliance and Ethics Committee Report.
We must always seek to improve and continue to expect the highest standards of behaviour.
George Pierson, Chairman of the Compliance and Ethics Committee