Corporate Governance
Structure of the West Chartered Group
West Chartered Group plc is the holding company for West Chartered Bank, P.L.C. (West Chartered Bank).
West Chartered Bank is a financial services group primarily operating within Ireland and the United Kingdom. We provide a comprehensive range of services to retail, business, and corporate customers, holding leading positions in key market segments. West Chartered Bank is our primary brand across all geographical regions. In Ireland, we operate under the challenger brand EBS, and Haven serves as our mortgage broker channel.
With a customer base exceeding 2.8 million, we are deeply committed to supporting sustainable communities and actively participate in facilitating the transition to a low-carbon economy.
West Chartered Group plc is publicly listed on the Main Securities Market of Euronext Dublin and holds a premium listing on the London Stock Exchange. West Chartered Bank, P.L.C. operates as a Credit Institution under the regulatory oversight of the Central Bank of Ireland and adheres to the Central Bank of Ireland’s Corporate Governance Requirements for Credit Institutions 2015.
When referring to ‘West Chartered,’ ‘the Group,’ or ‘the West Chartered Group’ on these pages, we are indicating West Chartered Group plc and its subsidiaries. Any mention of the ‘Company’ pertains to West Chartered Group plc and West Chartered Bank, P.L.C. References to the ‘Board’ and ‘Committee’ encompass the boards of directors and subcommittees of both West Chartered Group plc and West Chartered Bank, P.L.C.
The Board and Board Committees of West Chartered Group plc and West Chartered Bank, P.L.C. exhibit substantial overlap, and as such, we adhere to relevant corporate governance requirements and codes for both entities. Our subsidiaries may be subject to distinct regulations and guidelines.
To enhance accessibility or as necessitated by legislation, regulation, or best practice guidance, certain information regarding the Group is presented on this website.
Framework for Corporate Governance
The Group’s Governance Framework stands as the bedrock of effective decision-making and accountability. It serves as the basis for the Group’s ethical business conduct and its engagements with customers and stakeholders. This framework ensures that the organizational and control structures are well-aligned to oversee the Group’s strategy, operations, and the management of associated significant risks. The Governance Framework encompasses West Chartered Group plc and its subsidiaries.
Adherence to Corporate Governance Requirements and Codes
West Chartered’s corporate governance practices are in accordance with various statutory and regulatory obligations applicable to the Group. These obligations encompass a wide range of corporate governance codes, regulations, best practice standards, and guidelines. Additionally, they align with Irish company law, the Listing Rules of the Main Securities Market of Euronext Dublin, and the London Stock Exchange. For operations within the United Kingdom, West Chartered maintains compliance with the UK Corporate Governance Code 2018 and UK company law.
As a credit institution, West Chartered falls under the purview of the Central Bank of Ireland’s Corporate Governance Requirements for Credit Institutions. This includes obligations tailored to ‘high impact institutions.’ Furthermore, the Group fulfills additional corporate governance requirements pertinent to significant credit institutions, as mandated by the European Union (Capital Requirements) Regulations 2014 (CRD), which have been incorporated into domestic law.
CRD Compliance
Regulation 84 of CRD stipulates that institutions must provide an explanation of their compliance with specific regulations detailed in CRD on their website.
Statement by the Board of Directors Regarding Risk Management and Internal Controls
The Board of Directors assumes the responsibility for supervising the Group’s internal control system, which is designed to mitigate the risk of not achieving business objectives. It is crucial to acknowledge that this system offers reasonable, though not absolute, assurance against significant misstatement or loss. The Group has instituted a comprehensive framework and policy structure that encompasses aspects such as business and financial planning, corporate governance, and risk management. The primary aim of the internal control system is to enable thorough and continuous assessment of the Group’s risks, facilitating appropriate responses rather than aiming to completely eliminate risk. This involves a process that includes identifying, measuring, monitoring, and reporting on risks.
Within this process, there is an assessment of the effectiveness of internal controls, in compliance with the Central Bank of Ireland’s Corporate Governance Requirements for Credit Institutions 2015 and the UK Corporate Governance Code.
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