Statement of Comprehensive Income

To periodically review the Remuneration Policy and recommend any changes it deems appropriate to the

Board for approval. The total remuneration of Executive Directors, including pension and national insurance payable by the Society, is set out in Note 6.

NOmINATIONS COmmITTEE

The Directors have established a Nominations Committee. Membership normally consists of Mary Coyle (Chair), Patricia Alexander (Managing Director), Martin Kyndt (a Non-Executive Director and Vice-Chair), and one member of the Shared Interest Council (Ashley Wyatt until retirement and then Martin Canning). Membership is temporarily varied if the work of the Committee renders involvement of any of the Directors inappropriate for a period of time. This Committee conducted the search for a new Non-Executive Director of the Board, ahead of the planned retirement of David Bowman in December 2020. Richard Anderson has been co-opted, leading to a short overlap with David so that at the time of signing these accounts the Society’s Board consisted of nine directors.

CREDIT COmmITTEE

The Board has also established a Credit Committee, with a membership consisting of five Directors. These are Mary Coyle, who Chairs the Committee, David Bowman, Pauline Radcliffe until retirement and then Cristina Talens (all NonExecutive Directors) and Patricia Alexander (Managing Director) and Tim Morgan (Finance Director). The Committee meets when major lending decisions are required between formal Board meetings and considers proposals to extend lending to existing customers or grant new facilities. It has not been necessary to hold any meetings during the year.

INDEPENDENT AuDITORS

A resolution to reappoint PricewaterhouseCoopers LLP as external auditors to the Society will be put before the AGM on 12 March 2021.

by Order of the board

16 December 2020

Tim Morgan Company Secretary

Registered Office:

Pearl Assurance House 7 New Bridge Street West Newcastle upon Tyne NE1 8AQ