Strong governance foundations
As a UK listed, Bermuda regulated organisation, we have strong governance frameworks and policies in place. This is also what our stakeholders expect of us and we deliver on our fiduciary duties to shareholders, provide protection to policyholders and participate appropriately in the wider economic system and society.
Good governance is the foundation for a well-run and successful company, and it is the foundation for achieving ESG related objectives. Aspects of our governance are described in the main
Governance section of this website, our Annual Report and Accounts, ESG Report and in our
Financial Condition Report. In this section we focus on those aspects of governance particularly applicable to ESG.
"Strong governance is the foundation on which our business thrives and on which environmental and social ambitions can be delivered."Neil Eckert Executive Chairman
Relevant parts of our governance structure sit at holding company level and operating company level. Beyond legal obligations under Bermuda law, the arrangements have been designed to meet considerations associated with operating as a UK listed company and as a regulated (re)insurer.
The Board of each entity is the highest governance body and both Boards have a suitable balance of independent versus non-independent directors and diversity from a gender and race perspective.
The Boards have established appropriate sub-committees to support their work and have established an ESG committee. The ESG Committee is not a Board committee and is independently chaired by Sir Nicholas Soames who is neither a director nor employee. Other members of the ESG Committee include our Executive Chairman, Deputy Chief Executive Officer, Head of Human Resources, Chief Sustainability Officer, and the General Counsel. The Boards have delegated various authorities to executive management, within defined policies and appetites that include those relating to ESG, and receive quarterly reporting on performance and compliance.
From a management perspective, Conduit Re operates a ‘three lines of defence’ governance model with independence within and between each second- and third-line function. Further details can be found in our ESG Report and Financial Condition Report.
Further details on our approach to Governance
Please refer to the following sections of our latest reports for more details on Conduit Re’s ESG Governance:
- Diversity within Board and senior management – ESG Report
- Terms of reference and corporate policies – ESG Report
- Management of Risk – Annual Report and Accounts
- Our response to Cyber Risk – ESG Report, Governance Section
- Memberships and affiliations – ESG Report, Appendix 1
- ESG Alignment of executive compensation – Annual Report and Accounts (remuneration
- ESG responsibilities of our senior team - ESG Report, Appendix 7