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Board meeting summary June 2022

A summary of The Pensions Regulator (TPR) Board meeting in June 2022.

This was a short meeting to approve the Annual Report and Accounts.

Apologies, welcomes, declarations of conflicts of interest

The Chair welcomed everybody to the meeting, including new Non-Executive Director (NED) Mandy Clarke. Apologies had been received from the CEO and new NED George Walker. No declarations had been received in advance or were made at the meeting.

Chair’s update

The Board ratified changes proposed by the Chair to the membership of the Remuneration and People Committee. The Chair would be seeking the Non-Executive Committee’s (NEC’s) ratification of changes to the Audit, Risk and Assurance Committee membership at the November NEC meeting.

The Chair noted that the Board had received and approved by correspondence the following papers over the previous month:

  • Collective Defined Contributions code
  • Pensions Dashboard outline business case
  • Pensions Schemes Act programme benefits and operational costs
  • Register of Interests review and conflicts guidance

Audit, Risk and Assurance Committee (ARAC) Chair’s biannual report

The Chair of ARAC highlighted the key elements of his biannual report, which had been sent to Board with the main Annual Report and Accounts (ARA) item (see below). He was happy to note that the usual end of year National Audit Office audit report had recommended an unqualified set of accounts. ARAC had noted suggestions for small amendments but was happy to recommend that the Board approve the draft ARA and to delegate final signoff to the CEO and Chair. The ARA had had increased input from Internal Audit (IA) this year, and the Head of IA confirmed she was happy with the coverage.

Annual report and accounts

The plan was for the Comptroller and Auditor General to approve the ARA by 1 July, after which they would be laid. The Board noted ARAC’s recommendation, approved the ARA, and delegated final signoff to the CEO and Chair.