We have high standards of corporate governance, balancing entrepreneurship with sound control and risk management in the interest of all stakeholders, to perpetuate the long-term sustainable success of the Ageas UK business.
We believe that a strong culture of corporate governance and ethical behaviour is fundamental to the way we do business and is in the interests of all our stakeholders – customers, our people, suppliers and the communities we serve.
We have adopted a robust approach to corporate governance, establishing a Corporate Governance Framework based on the Ageas Code of Conduct and adopting the governance principles in the Prudential Regulation Authority Rulebook and Financial Conduct Authority Handbook, the UK governance best practice (specifically the UK Corporate Governance Code (where applicable) and the Wates Corporate Governance Principles for Large Private Companies, and where relevant to the UK Corporate Governance Code.
Governance of ESG
ESG matters are a key consideration for the Ageas UK Boards and the company committees when making decisions, and governance and oversight of ESG has continued to be an important area of focus.
The UK Boards approved our ESG strategy in 2022, ensuring we are aligned with the Ageas Group Impact24 sustainability goals. The ESG Working Group, the People and ESG forum and other governance forums regularly oversee and review progress against the ESG strategy.
In support of our commitment to ensuring ESG is embedded across our business, our UK Executive performance is linked to financial and non-financial performance measures.
How Ageas UK is directed and controlled
Direction and control of Ageas UK resides with the Ageas UK Boards. These are responsible for perpetuating the long-term sustainable success of the business, providing strategic leadership within a framework of prudent and effective controls, setting the strategy, and ensuring the direction and performance of the business are aligned to Ageas Group objectives.
The Ageas UK Boards set the tone and have articulated the desired culture through the Ageas UK purpose and values of Care, Dare, Deliver, and Share. Our decision-making framework operates as a tiered approach with the Ageas UK Boards taking ultimate responsibility in the UK.
Doing the right thing
We strive to be a responsible business and are committed to carrying out our work with integrity and in compliance with both the spirit and the provisions of all applicable legislation and regulations. The Ageas UK Boards set a tone and culture for doing the right thing. Policies and guidelines have been established to support all employees in maintaining Ageas UK’s integrity and to safeguard its reputation as a reliable business partner that lives up to its core values for all stakeholders.
Our Anti-Bribery and Inducements Policy defines our stance on the Bribery Act 2010 and Financial Conduct Authority requirements. We have established and promote a culture where employees have the confidence and ability to raise their concerns, including regarding wrongdoing. The Speak Up Policy and Internal Alert process set out the framework for any of our employees who have genuine concerns about a wrongful situation or incident to report such issues in confidence and without fear of reprisal.
To ensure everyone is aware of these policies training is provided to employees joining the business, additionally an online training module is delivered to all our people annually. Where an employee may want information outside of the training cycle, these and other company policies are available on the intranet.
Consumer Duty
Led by the Ageas UK Boards, Ageas culture continues to support good customer conduct and, whilst the advent of the Consumer Duty has not necessitated a wholesale change in culture, we have continued to take actions to reinforce a shared responsibility for the delivery of good customer outcomes across all areas of the business.
A number of measures have been taken across the organisation to support the embedding of Consumer Duty, including role specific customer outcome objectives being agreed with employees, a Customer Conduct Policy approved by the Ageas UK Boards, and mandatory Consumer Duty e-learning rolled out across the business. Bonus structures for senior management have also been revised to ensure a greater weighting of the requisite KPIs is provided to support the delivery of good customer outcomes
Customer outcomes are now routinely discussed at the Board and Executive meetings and the requirements understood at all levels of the business, with Board and Executive Team members participating in a programme of customer immersion sessions on matters such as vulnerability, complaints and customer communications. The customer immersion sessions have also provided our Board members with an opportunity to meet our customers face to face, and to receive their feedback directly on Ageas services, products, and on the insurance industry more generally.