Strategic report Governance Financial statements Other information NOMINATION COMMITTEE REPORT CONTINUED The Committee has previously approved the appointment of two Whilst the evaluations are opportunities to recognise what Key priorities and outcomes from the 2019 internal evaluation independent Directors to Hargreaves Lansdown Fund Managers is working well, they are also an important tool in identifying included the following: Limited, the Group’s fund management arm: John Misselbrook who where improvements can be made to ensure the Board and its Board and Committee meetings.Ensure sufficient time is set has over 40 years’ experience in financial services and was the Chief Committees are functioning and able to perform their roles in • Operating Officer of Baring Asset Management Limited for 11 years; an effective manner. aside for strategic debate. In response, rolling 12 month Board and John Troiano who brings significant investment and asset and Committee agendas have been restructured. management experience having spent 38 years at Schroders. During the period, the Committee has received regular updates on Provision of information. Improve the quality of papers. progress against actions from the2018, 2019 and 2020 evaluations • , In response, the Company Secretariat team has worked to Board effectiveness as well as approving the approach for this year’s evaluation. The develop templates and associated guidance and improve the The Committee oversees progress on the implementation of progress in implementing recommendations from the externally paper commissioning process. recommendations and actions from the annual evaluation of the facilitated 2018 evaluation was reviewed and accepted by the performance of the Board and its Committees. The last externally Group’s Internal Audit function. •Culture. Review and develop consistent non-financial culture KPIs led Board evaluation was carried out in 2018 and facilitated by Key priorities and outcomes from the 2018 external evaluation for sharing regularly with the Board. In response, proxy culture Boardroom Review Limited, an external consultancy with no included the following: measures have been developed and are now included within the connection to the Group. In line with the requirements of the Code, Chief Executive Officer’s business performance updates. the Committee has overseen the appointment of Independent • Strategy. Move toward a dynamic strategic process and develop Audit to lead a Board evaluation which is planned to take place in the strategic information provided to the Board. In response, a Key priorities and outcomes from the 2020 internal evaluation the first half of the new financial year. cycle of review and refinement of the Group’s strategic plan has included the following: Independent Audit is an external consultancy with no connection been implemented by reference to the annual operating plan. • Strategy. Develop a programme of short, standalone workshops to the Group and who are also carrying out the external evaluation Critical strategic initiatives have also been identified and are on issues of strategic importance to the Group. In response, of the Group’s internal audit function. regularly reported to the Board through the Chief Executive sessions have been held on technology, advice and investments. Officer’sbusiness performance update. Governance Framewo In the interim, annual evaluations of Board performance have • rk. Raise awareness on the operation been facilitated internally. The 2019 and 2020 evaluations consisted • Culture. Ensure the culture of the organisation is conducive to and embedment of the Governance Framework. In response, of a detailed questionnaire covering areas such as Board and the growth and wellbeing of the Group. In response, a culture a manual was produced alongside regular updates to the Board. Committee composition and culture, the conduct of meetings action plan for the Group has been developed. This has resulted Nomination Committee evaluation and the provision of information, corporate culture and workforce in refinements to the Group’s people strategy and policies. During the period under review, the Committee has overseen the engagement, and understanding of shareholder, regulator and • Governance. Review the Group’s governance framework and implementation of recommendations relating to its effectiveness other stakeholder issues. Members of the Board’s Committees implement recommendations. In response, a detailed review of from both the externally facilitated 2018 evaluation and internally were also asked specific questions about the work of the the Group’s governance arrangements has been carried out and led 2019 and 2020 evaluations. This has included an assessment Committees and how they interact with key stakeholders. After a revised governance framework approved and implemented. of the quality of external advice provided to the Committee and a completing the questionnaire, members of the Board were invited review of how the Committee reports back to the Board to ensure to have one-to-one discussions with the Chair and the Group increased clarity and consistency. Company Secretary to provide greater insight into survey responses. The results of the 2019 evaluation were submitted to the Board and actions approved in August 2019. The results of the 2020 evaluation were submitted to the Board and actions approved in August 2020. 119 Hargreaves Lansdown Report and Financial Statements 2021