Corporate governance
Governance of the Group pension schemes
The Group operates a defined benefit scheme for all employees with an appointment date prior to 1 April 2002 and a defined contribution scheme open to those joining the Company on or after 1 April 2002. More information is given in note 11 of the Notes to the financial statements.
The Board of the Pension Trust ('Trustee Board') manages the assets of the pension scheme which are held under trust separately from those of the Group. The Trustee Board comprises Tony Watson as independent Chairman and Law Debenture Trust as independent Trustee, together with five company representatives and five member representatives.
In March 2009 the Trustee Board carried out a review of its own performance through questionnaire responses and one-to-one discussions with the Trustee Chairman. In May 2009 the Trustee Board reviewed the key findings and agreed actions for 2009/10.
In February 2008 the Trustee Board appointed KPMG LLP as its external auditors following a review process.