The Group Chief Executive is responsible for managing the business of the Group, in accordance with the Group Business Plan approved by the Board, incurring capital and revenue expenditure as appropriate to meet the objectives set out in the Group Business Plan or as separately approved by the Board. The Group Chief Executive may make decisions in all matters affecting the operations, performance and strategy of the Group's businesses, with the exception of those matters reserved to the Board or specifically delegated by the Board to its committees, executive committees or the boards of subsidiaries.
The Group Chief Executive accounts and reports to the Board and is responsible for:
a) the recommendation of objectives and strategy for the Group in the development of its business, having regard to the interests of the shareholders, customers and staff, and to the Group’s public and social responsibilities at home and abroad;
b) the successful execution of strategy;
c) establishing, maintaining and implementing the risk management framework (embracing principles, policies, methodologies, systems, internal controls, processes, procedures and people), in line with the Board approved appetite for risk (the extent and categories of risk which the Board regards as acceptable for the Group to bear);
d) the continuing review of the organisational structure of the Group and recommendations for changes; and
e) the optimum use and adequacy of the Group’s resources.
The duties which derive from these responsibilities include:
a) the development and review of business unit objectives to ensure that the agreed Group objectives are likely to be achieved;
b) the presentation of the Group’s budgets to the Board and, following their adoption, the achievement of the budgets;
c) ensuring that the roles and responsibilities of senior management, including delegation of authorities, are formalised;
d) the examination of all trade investments and major capital expenditure proposed by subsidiary boards and the recommendation to the Group Board of those which, in a Group context, are material either by nature or cost;
e) ensuring the preparation by business units of plans concerning the recruitment, training and career development of personnel;
f) ensuring that senior management posts are filled in accordance with the long-term needs, including succession planning, of the Group;
g) in conjunction with the Chairman, the development of the Group’s public relations policy;
h) ensuring the active liaison and co-ordination between business units;
i) being available to the auditors, the Chief Risk Officer and the heads of compliance and internal audit; and
j) ensuring that the Group’s policies and procedures are followed and conform to the highest standards.
The Group Chief Executive will keep the Chairman informed on all important matters.
