Bupa maintains a register of around 100 Association Members (AMs) who perform the kind of governance and oversight role ordinarily undertaken by shareholders in listed companies.
AMs do not have a financial interest in Bupa
Because of Bupa's status as a company without shareholders, the Association Members do not have any equity holding in Bupa and have no right to dividends. They do not receive a fee for their service or a share of profits, only reasonable expenses for travel to attend meetings. This means they can be genuinely independent and free from personal interests in deciding what is best for Bupa.
Fundamentally, the role of AMs is to hold the Board to account in delivering on Bupa’s purpose of helping people live longer, healthier, happier lives.
AMs are drawn from a diverse range of experience
AMs normally serve for an initial term of 10 years. They are eminent people in their own field, coming from a diverse range of sectors, including health and social care, business, regulatory, academia, charities and the public sector. Their expertise enables them to challenge the Board on matters of Bupa’s performance and strategy.
AMs are selected using criteria including recent and relevant experience in their field, independence from Bupa, the capacity to make a contribution and experience in the key markets in which Bupa operates worldwide.
Engagement with AMs
Association Members attend the Annual General Meeting (AGM) where they can vote on electing and re-electing Bupa's Directors and auditors. They also approve other matters required under UK company law and Bupa's Articles of Association and, where relevant, matters commonly voted upon by shareholders of listed companies.
They participate in briefing calls following the publication of the Group’s annual and half-year financial results. They also participate in detailed briefing sessions during the year to ensure they are informed and able to question the Board and senior management on performance and strategy. Throughout the year they receive regular detailed updates on key changes and strategic developments across Bupa’s businesses. Also, the Group CEO, Chairman, Senior Independent Director and Company Secretary are available to meet and discuss any matters with the AMs as they wish.
For more information about our engagement with our stakeholders, see our Annual Report.