BOARD COMMITTEES

The IAG board has two standing committees:

Audit, Risk Management & Compliance Committee (ARMCC)

The three non-executive directors who are members of the ARMCC are currently Philip Twyman (chair), Yasmin Allen and Hugh Fletcher. All members of this committee have financial management experience as shown in their biographies.

The main role of this committee is to assist the board in discharging its responsibilities to ensure:

• the integrity of IAG and subsidiary external and internal financial reporting, including compliance with applicable laws, regulations and other requirements in relation to external financial reporting;
• that directors and management are provided with high quality financial and non financial information that can be relied upon by them to make informed judgements;
• that appropriate and effective systems of internal, accounting and financial controls are in place and maintained to safeguard IAG’s financial and physical resources;
• that sound risk management and compliance frameworks are in place to identify, asses and manage risks within IAG’s risk appetite determined by the board; and
• that the independence of the external auditor, the internal auditor, and IAG group actuary is safeguarded.

Nomination, Remuneration & Sustainability Committee (NRSC)

The four members of the NRSC are currently Yasmin Allen (chair), Brian Schwartz, Phillip Colebatch and Anna Hynes.

The purpose of this committee is to:

• provide advice and support to the board in fulfilling its responsibilities to shareholders to ensure that the board is comprised of persons who have the necessary range of skills, expertise and experience to enable it to discharge its responsibilities effectively;
• provide advice and support to the board in the performance, composition and size of the board;
• oversee composition of IAG key subsidiary and associated companies;
• provide assurance to the board relating to the effectiveness and integrity of, and compliance with, IAG’s remuneration policies and practices;
• assess the effectiveness of IAG’s group remuneration policy and compliance with regulatory requirements on remuneration; and
• monitor the development, implementation and reporting of IAG’s business sustainability strategy.