Corporate governance

Since the transfer to public ownership on 29 September 2008, Bradford & Bingley plc's ("B&B") governance structure has been determined by a framework document ("the Framework Document') agreed between B&B and its ultimate shareholder, HM Treasury. The Framework Document has been updated periodically to reflect changing circumstances including the establishment of UK Asset Resolution Ltd ("UKAR") as the holding company for B&B and NRAM. UKAR is responsible for ensuring that B&B and NRAM Limited adopt and comply with the requirements of the Framework Document.

B&B operates in accordance with the terms of the Framework Document, which sets out how the relationship between B&B and UK Financial Investments Ltd ("UKFI"), acting on behalf of HM Treasury, will work in practice.

The Framework Document is intended to ensure that the relationship between B&B, UKFI, HM Treasury (as ultimate shareholder and the provider of financial support), and the FCA (as regulator), operates in the context of the over-arching objective of protecting and creating value for the taxpayer, whilst paying due regard to the maintenance of financial stability and to acting in a way that promotes competition. The Framework Document requires B&B to deliver a strategic and funding business plan to achieve these objectives.

Further information concerning the principles set out in the Framework Document, how they have been implemented and how they can be monitored, can be found in the Annual Report & Accounts.

NRAM Limited Resources
B&B Resources
Annual Report and Accounts 2017
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