Corporate governence
We are committed to maintaining high standards of corporate governance to ensure transparency, accountability, and long-term success. Our governance framework supports ethical decision-making, strong leadership, and responsible business practices.
Chairman's introduction
My role as Chair of Personal Group is to ensure that the Board continues to perform its role effectively, providing oversight and constructive challenge. I am pleased to present this section of our Annual Report, which sets out the governance framework that underpins the Group’s operations and supports accountability, transparency and long-term value creation for all stakeholders.
Read the full introduction in the accordion below
I also have responsibility for ensuring robust governance across the Group through appropriate challenge and direction of the Senior Leadership Team.
Effective governance should enhance performance and support the delivery of the Group’s strategic objectives, while balancing the interests of shareholders, employees, customers, suppliers and wider stakeholders.
The Board continues to play a central role in establishing and reinforcing the culture of the business, ensuring it remains aligned with the Group’s purpose, values and business model, and that it is appropriately embedded throughout the organisation.
The Group continues to develop and maintain an integrated succession plan for both the Board and senior management. During the year, following the retirement of Non-Executive Director Bob Head, the Board appointed Rachel Webb as Non-Executive Director and Chair of the Audit and Risk & Compliance Committees. Rachel has over 20 years’ experience in financial services through working in both PRA & FCA regulated firms and large accountancy practices, enabling her to approach issues from both a commercial and regulatory perspective. In addition, Ciaran Astin assumed the position of Remuneration Chair in late H2, bringing discipline and critical thinking to our Executive remuneration plans as we continue to ensure a motivating trajectory aligned with our shareholder delivery plans. Maria Darby Walker assumes a dedicated role as Senior Independent Director, increasing our governance rigour.
The Board continues to believe that the QCA Code remains the most appropriate governance framework for the Group and considers that it complies with each of the ten principles of the Code. Performance against these principles is monitored, with a focus on continuous improvement and evolving best practice.
We early adopted the updated QCA Code for the year ended 31 December 2024 and, as recommended by Principle 9, have chosen to voluntarily submit separate advisory resolutions on the remuneration policy and remuneration report to shareholders at the AGM reflecting the Board’s commitment to transparency and meaningful shareholder engagement on remuneration matters.
In line with our established practice, the Board remains committed to undertaking an external independent Board effectiveness review every three years, with internal reviews conducted in the intervening years. The most recent external review was completed in 2025. The key themes identified were around:
• Increasing the Board’s focus on the external environment
• Focusing on talent and succession
• Enhancing the engagement between NEDs and management
The Board has begun implementing the recommendations arising from that review.
The Board met 10 times during 2025 (2024: 10 times). Attendance by individual Directors is set out on pages 41 to 42. Further detail on the work of the Board Committees, including the Audit, Risk and Compliance, Remuneration, and Nominations and SM&CR Committees, is provided later in this section of the Annual Report.
Martin Bennett
Independent Non-Executive Chair
View our compliance with the QCA Corporate Governance Code. last updated on the 31st May, 2025 here.