The Board of Trustees considers how the standards adopted are perceived by its stakeholders and the general public. They will therefore ensure that they consistently act responsibly and ethically, in line with its stated aims and objectives.
The Trustees are clear about the purpose of the Trust for which they act. Specifically, it is to preserve and wherever possible, to enhance the capital value of the trust in order to ensure the adequacy of funds to cover the cost of funerals covered by Golden Leaves Funeral Plans when they occur.
The focus of the Trustees will be on strategy, performance and effective oversight.
The Trustees will meet on a quarterly basis but more frequently if so required.
The Trustees will periodically review the investment strategy and objectives of the trusts taking into account any external factors that can affect the performance of the assets held within the Trust. This review will include the following:
Regular review of the investment policy and its ongoing appropriateness;
Monitoring of the Portfolio Managers adherence to the investment policy;
Selection of Portfolio Managers;
Regular review of Portfolio Manager performance compared to policy and agreed performance measures.
The Trustees as a whole, and individually, understand and will ensure adherence to the terms of the trust, prescribed by the trust deed.
The Trustees, as a whole, and individually, accept collective responsibility for ensuring that the trust has a clear and relevant set of aims and an appropriate strategy for achieving them.
The Trustees agrees the objectives, consistent with the purpose of the Trust that it wishes to promote and makes sure that these objectives underpin all its decisions.
The Trustees will act with due skill, care and diligence to fulfil the responsibilities that it has undertaken and will only exercise its power or discretion for a proper purpose and will be able to evidence, in writing, any decision made.
The Trustees will act with integrity at all times and are aware of the importance of the public’s confidence through the trustees undertaking their duties accordingly.
The Trustees have ultimate responsibility for the assets of the Trust and will, through their actions, continually seek to protect their reputation and, by extension, promote public confidence in the associated company and the wider sector. They will therefore ensure that they consistently act responsibly and ethically, in line with its stated aims and objectives.
The Trustees understand and acknowledge how real and perceived conflicts of interests and conflicts of loyalty can affect the performance of the trusts and their reputation as Trustees.
The individual members of the Board have undertaken to disclose any actual or potential conflicts in order that these can be managed in an appropriate manner and in accordance with its conflicts of interest policy.
The Trustees will ensure that its decision-making processes are informed, rigorous and timely and that effective delegation, control and risk assessment are properly set up and monitored.
The Trustees are ultimately responsible for their decisions. They may be required by statute or the Trust’s governing document to make certain decisions but, beyond this, it needs to decide which other matters it will make decisions about and which it can and will delegate.
The Trustees regularly review the performance of any third parties providing professional services to the trustee with a key focus on the performance of its investment managers.
The Trustees have a sound decision-making and risk monitoring framework which helps to ensure the performance objectives are met. It is aware of the range of financial and non-financial risks it needs to monitor and manage.
Trustee Appointments and Development
The Trustees have, and regularly consider, the mix of skills, knowledge and experience it needs to meet the purpose of the trust effectively. It reflects this mix in its trustee appointments, balancing the need for continuity with the need to refresh the board.
There is a formal, rigorous and transparent procedure to appoint new trustees to the board. The search for new trustees is carried out, and appointments or nominations for election are made, on merit against objective criteria and considering the benefits of diversity on the board.
The Trustees are highly experienced and respected individuals from a wide range of backgrounds. Nonetheless, all new Trustees receive an appropriately resourced induction when they join the board and are given the opportunity to have relevant ongoing learning and development.
Trustees are appointed for an agreed length of time, subject to any applicable constitutional or statutory provisions relating to election and re-election.
The Trustees work as an effective team, using the appropriate balance of skills, experience, backgrounds and knowledge to make informed decisions and to help ensure the optimum performance of the Board of Trustees.
The Trustees take decisions collectively and confidently and will meet as often as it needs to be effective.
The Trustees regularly discusses its effectiveness and its ability to work together as a team.
The Trustees collectively receive specialist in-house or external governance advice and support. They can access independent professional advice, such as legal, tax, investment and fiduciary advice if needed for the trustees to properly discharge its duties.
There is an independent appraisal of the trustee board on a periodic basis to ensure they are working together in the most effective and productive manner.
The Trustees approach to diversity supports its effectiveness, leadership and decision-making.
The Trustees recognise that trustees with different backgrounds and experience are more likely to encourage debate and to make better decisions.
The term ‘diversity’ includes the nine protected characteristics of the Equality Act 2010 and the Trustees will seek to ensure that they follow the principles of equality and diversity, going beyond the legal minimum where appropriate.
The Trustees have agreed that there should be a regular audit of skills, experience and diversity of background of its members to find imbalances and gaps and inform trustee recruitment and training.
