Governance
As a financial organisation, we’re highly regulated when it comes to governance. We seek to go beyond the minimum requirements where possible to ensure that we, and our members, continue to be proud of the way our business is run.
Find out about some of the ways we are ensuring that our business is governed responsibly:
Executive remuneration
NFU Mutual's remuneration policies are designed to attract and retain the best management talent needed to help ensure the business is run successfully. The annual and long-term incentives help to align the total remuneration package directly to the performance delivered for our members and other stakeholders. NFU Mutual’s incentive schemes incorporate a wide range of financial and non-financial measures, which are affiliated to the company’s long-term business strategy and these schemes enable all staff to share in the success of the company.
For full detail on NFU Mutual’s latest executive remuneration figures:
Board diversity
NFU Mutual’s Nomination Committee and Board of Directors are committed to ensuring that together, the Directors possess the correct diversity of skills, experience, knowledge and perspectives to support the long-term success of the business. The Board Diversity Policy recognises that diversity increases the breadth and quality of debate, improving the overall effectiveness of decision-making and providing better protection for members.
For full detail on NFU Mutual’s Board Diversity Policy:
Anti-bribery and corruption
NFU Mutual is committed to conducting business in an honest and ethical manner. We have a zero-tolerance approach to financial crime, including bribery and corruption, and will take appropriate action where this is either suspected or identified. Each year, our Anti-Bribery and Corruption Policy is reviewed to set out key requirements for NFU Mutual, our employees and the Agency network. Along with supporting documents and mandatory e-learning, this helps prevent bribery and corruption occurring, either deliberately or unintentionally.
Tax strategy and transparency
NFU Mutual recognises its responsibilities to its policyholders and society to pay the right amount of tax. Our tax strategy reflects our strong risk management culture and core values as a Mutual organisation. The Group’s 2023 total tax contribution was £477m (2023 £406m).
We are committed to paying the right amount of tax across the entire Group. This means complying with tax legislation and meeting our responsibility to provide value for our policyholders, while seeking to safeguard NFU Mutual’s reputation with the public, HMRC, our employees and our policyholders.
We are committed to engaging professionally with HMRC in matters concerning any current, future or past tax risks. If clarification is required in the application of tax legislation, we will seek to raise this with HMRC and work with them to reach an agreement before tax returns are submitted. HMRC's most recent Triannual Business Risk Rating of NFU Mutual was conducted during 2022. The result of that was a low risk rating has been maintained against HMRC's new and extended rating approach.
Data protection and privacy
We collect personal information for a number of reasons: to offer our customers the right product, create and administer policies, provide insurance quotes, handle claims, protect against fraud, improve our products and services, and share information about other products that may be of interest.
We work hard to keep the data we collect safe. We use an appropriate combination of technical and organisational measures to ensure the confidentiality, integrity and availability of information at all times.
Explore our report
Our Goverance activity is just one of the ways we deliver against our amibition of Doing Business the Right Way. To learn more about our strategy and actions, explore our latest Responsible Business Report.
