The Oddfellows’ committee structures

There are a number of different committees within the Oddfellows, which include:

Audit, Risk & Compliance Committee (ARCC)
The ARCC is responsible for:

  • Risk Management and Internal Controls
  • Compliance and Prevention of Financial Crime
  • Financial Reporting
  • Internal Audit
  • External Audit
  • Whistleblowing

The overall role of the ARCC is to protect the interest of the members as regards the effectiveness of the Society’s internal control framework and appropriate management of risk and compliance, the integrity of the published financial information and the effectiveness of the auditors.

Download the Audit, Risk & Compliance Committee's (ARCC) Terms of Reference.

Commercial Board
The responsibility of the Commercial Board is to pass resolutions of a non-policy nature to ensure that:

  • Unity Office delivers a high quality customer service to Branches, members and prospective members
  • Unity Office and Branches will plan development and budget accordingly for investment in the future, spending capital when appropriate
  • The Society’s structure and culture encourage member and staff involvement in its running and development.

In achieving this, the Commercial Board is responsible for the tactical application of strategy and implementation of policy with respect to:

  • Finance
  • Investments
  • Legislation
  • Office administration
  • Society Rules and Procedures

The Commercial Board is also responsible for the investments of the Society and as such appoint Investment Managers and meet with them on a quarterly basis to challenge and discuss their performance. The strategy for the investments of the Society is determined in conjunction with advice from the Actuaries as and when appropriate. For the Long Term Business investments, this also includes consultation with the Insurance Committee. The role of the Commercial Board is therefore to act as the Investment Committee.

Download the Commercial Board’s Terms of Reference.

Insurance Committee
The Insurance Committee is accountable to the Board of Directors for monitoring, controlling and directing the insurance business affairs of the Society. This is in relation to each of the Society’s Long Term Business Funds and subject to matters reserved to the Board of Directors or delegated to the Commercial Board by the Board of Directors.

The Committee reviews and reports back on the following matters:

Strategy and Management of the Society’s Long Term Business Funds including:

  • Business planning and new developments
  • Actuarial Valuation
  • Reserves and allocation of Free Assets
  • Bonus recommendations
  • Approval of annual expenditure budget for the Long Term Business

Operational Management of the Long Term Business Funds including:

  • Treating Customers Fairly (TCF)
  • Investment Performance
  • Risk Management relating to the conduct of the Society’s Insurance Business

Download the Insurance Committee & With Profits Advisory Arrangement's Terms of Reference

Governance Committee
The Governance Committee considers aspects of the Society’s corporate governance and regulatory matters. Where appropriate it makes recommendations based on its deliberations and conclusions to the Board of Directors and/or other standing committees. The Committee also acts as the Society’s Nominations Committee with regards the appointment of Member Elected Non Executive Directors and Term Directors.

Download the Governance Committee’s Terms of Reference.

Fraternal Board
The Fraternal Board is responsible for the tactical application of strategy and implementation of policy with respect to:

  • Administering of Goods
  • Administration and supervision of Branches including Branch financial statements, Branch special rules, amalgamations of Branches and transfers of engagements, transfers of funds, variations of Lodge Additional Benefits
  • Benevolence – including Distress Grants, Educational Awards, H A Andrews Memorial Fund, Legal Aid Scheme, Convalescent Benefit
  • Recruitment and retention
  • Branch delivery of social and care
  • Branch training
  • Public relations
  • Group Conferences
  • Society’s magazine
  • Traditions of the Society
  • Oddfellows Brass

The Fraternal Board is also responsible for the passing of resolutions in furtherance of the aims and directives of the Society’s strategy and in accordance with the policy of the Board of Directors which will receive and approve its minutes.

Download the Fraternal Board’s Terms of Reference.

Remuneration Committee
The Remuneration Committee is responsible for:

  • Determining and agreeing with the Board of Directors the framework or broad policy for remuneration of Executive Directors
  • Fulfilling duties as laid down by the Directors’ Remuneration Report Regulations 2002
  • Performance reviews of Executive Directors
  • Liaising with the Board of Directors in respect of succession planning for Executive Directors.

Annual performance reviews of the Executive Directors are undertaken by the Remuneration Committee, based on the objectives derived from the Society’s Strategic Plan.

The Committee reviews Executive Directors’ remuneration annually. It considers it is in the members’ interests for remuneration packages to be competitive in order to attract, retain and motivate people of the required calibre.

Download the Remuneration Committee’s Terms of Reference.