Corporate governance

Lowell is led by our Investor Board, supported by key governance committees:

  • Group Risk Committee
  • Group Audit Committee
  • Group Executive Committee
  • Group Remuneration Committee
  • Nomination Committee*

These committees and the individual business sub-committees ensure we will deliver robust and consistent governance processes and considerations into all our activities. Our non-executive Directors, who have significant financial services experience in both the UK and Germany, attend the key committees to provide further independent challenge and governance.

These are the key governance principles we will follow:

  • Appropriate leadership and accountability at each committee
  • Recognition and utilisation of the skills and experience across the Group
  • Sustainable with an ability to evolve as the new Group gains in maturity
  • Be outcomes focused
  • Provide assurance to shareholders and regulators alike that decisions and Group objectives are well informed, have integrity and receive appropriate challenge

Full terms of reference for each committee are available on request.  


Leadership

The Board of Directors is responsible for the long-term success of the company, its overall Group strategy, for approving major agreements, transactions and other financing matters and for monitoring the progress of the Group against budget. All Directors receive sufficient relevant information on financial, business and corporate issues prior to meetings and there is a formal schedule of matters reserved for decision by the Board, which includes:

 

  • determination and approval of the Group’s objectives, strategy and annual budget
  • investment decisions
  • reviewing business performance
  • material asset acquisitions
  • overseeing risk management and internal control systems
  • necessary resources in place to meet its objectives
  • reviewing corporate governance policies
  • shareholder return policies
  • succession planning

*The nomination committee will come into effect in 2016 to strengthen the governance of the group.


Value Creation Programme (VCP)

Our Board and Shareholders are very confident about the potential of our new Group. There is no denying the targets we have set are ambitious, but our track record tells us they are achievable.

We’ll do this by bringing the same level of commitment we have in the past, ensuring that we focus our combined efforts in the right areas and prioritising effectively. Our success will depend upon sharing best practices within each of our respective companies as well as developing new joint practices to strengthen and advance our new combined business. Whatever our approach, we will always do what is in the best interest of the Group - and that is to drive profitable growth and create long-term, sustainable value. Ultimately, this is how we’ll leverage our strategic themes to deliver on our vision to become Europe’s leading receivables management business.

To ensure we define, prioritise and consequently deliver on our Group vision, we have established a Value Creation Programme (VCP). The VCP is steered by the Group Executive Committee and provides a monthly update to the Investor Board Operating Committee.