How our governance activities help us to offer award-winning vehicle financial aftercare
A high standard of corporate governance is vital to a company’s lasting success. It affects everything from the workplace environment through to the quality of products and services offered to customers. At Car Care Plan, the Board and Senior Management are committed to upholding the highest standards of governance, ensuring we continue to provide industry leading vehicle warranty and Motor related add-on products across the globe.
This is the third blog in the series focusing on our Environmental, Social and Governance (ESG) activities. Previously, we have explored the environmental and social sides of Car Care Plan. In this blog, we will take a closer look at our governance framework, how it promotes the highest standards of ethical behaviour and risk management at every level of the organisation, while meeting regulatory requirements and industry best practices.
Car Care Plan’s core principles of governance
Car Care Plan’s governance approach is driven by the following core principles:
- Conduct and Culture – By setting the tone from above, the Board champions the values of trust, integrity, and good governance.
- Strategic Oversight – The Board helps set our long-term strategic goals, reviews and approves business strategies, performance, and corporate financial objectives. This ensures financial and capital plans are consistent with those goals.
- Risk Oversight – The Board oversees the frameworks, policies, and systems to identify and manage risks to the business and seeks to embed a strong risk management culture throughout the company.
- Independence – Independence is fundamental to the Board’s effective oversight, and mechanisms are in place to assess each Non-Executive’s independence on a regular basis.
- Accountability – The Board has clearly defined the areas of responsibility and accountability of the Board, its committees, and its Senior Management Function (SMF) and Certification Function (CF) holders.
These core principles ensure there is a clear process of decision making, combined with accountability and transparency.
Policies and rules
The Board also oversees the approval of various policies that make up Car Care Plan’s comprehensive policy framework – setting the standards and detailing the rules with which the business and team members must comply. One such area are the FCA’s Conduct Rules, which aim to drive the right behaviour and set out clear expectations for everyone from senior managers down. They are:
- You must act with integrity
- You must act with due skill, care, and diligence
- You must be open and cooperative with the FCA, the PRA, and other regulators
- You must pay due regard to the interests of customers and treat them fairly
- You must observe proper standards of market conduct
There has been significant focus on our governance over the last two years, but the framework is subject to continual review, assessment, and improvement. This ensures our customers continue to receive the high-quality products and services they have come to expect from Car Care Plan.
This concludes our series on Car Care Plan’s ESG strategies. To stay up to date with the latest news sign up to our e-newsletter.