We appoint AMs to carry out the governance and oversight role usually performed by shareholders. This includes voting on resolutions at the AGM that shareholders would usually be asked to approve. All Board Directors are automatically appointed as AMs. All AMs, other than Directors, normally serve for an initial term of ten years which can be extended for further terms of five years.
AMs have no equity holding in Bupa and no right to dividends, only receiving reasonable expenses for travelling for Bupa meetings or events. They are eminent individuals in their own field, coming from a diverse range of sectors including international businesses – with an emphasis on insurance and financial services, healthcare, academia, non-governmental organisations, regulatory and public service.
AMs are selected based on recent and relevant experience in their field, independence from Bupa, the capacity to make a contribution and experience in the key overseas markets in which Bupa operates.
We engage with AMs through the Annual General Meeting, which includes a seminar providing an in-depth view of a particular aspect of the business, calls on our Half-Year and Full-Year results, briefing sessions on the business each year, and regular email updates. We propose resolutions for approval to the Association Members in line with the types of resolutions found in UK listed companies would usually put to shareholders including approval of the Annual Report, election and re-election of Directors, appointment of the External Auditor and Remuneration Policy.
The Group CEO, Chairman, Senior Independent Director and Group Company Secretary are available to the AMs throughout the year. AMs are interested in all aspects of the business from strategy and performance to our products and services and the standard of care provided to customers.
See the Annual Report for more information on our engagement with stakeholders.