Corporate governance
Strategy for success
Virgin Money is committed to achieving long term success for the Group through delivery of its strategy. The strategy is underpinned by high standards of corporate governance.
Virgin Money operates within a corporate governance framework, which aligns to the UK Corporate Governance Code published by the Financial Reporting Council.
Key documents and policies
Key documents and policies which form part of the corporate governance framework and highlight our commitment to corporate governance are set out below.
Board Terms of Reference
Virgin Money is governed by a Board of Directors. Information on the authority, role, responsibilities, structure, composition and meeting procedures of the Board of Directors, and of the Board’s oversight of its subsidiaries, is set out in the Board Terms of Reference. The Terms of Reference also describes matters which are reserved for the Board.
Board Committees
The Board may from time to time establish committees as it considers necessary or appropriate to assist the Board in carrying out its responsibilities. The Terms of Reference for each committee sets out the authority, role, responsibilities, composition and meeting procedures of the committee.
- Group Audit Committee Terms of Reference Link opens in a new window
- Group Board Risk Committee Terms of Reference Link opens in a new window
- Group Nomination and Governance Committee Terms of Reference Link opens in a new window
- Group Remuneration Committee Terms of Reference Link opens in a new window
Financial crime
We’re committed to preventing financial crime, including money laundering, sanctions, bribery and fraud. Find out more in the following documents.
- Patriot Act Certificate Link opens in a new window
- Wolfsberg Group Correspondent Banking Due Diligence Questionnaire Link opens in a new window
Internal audit
The Internal Audit Charter sets out the purpose, scope, activities and responsibilities of VMUK's Internal Audit function, along with the organisational framework within which it operates.
External audit
On 19 March 2024 Virgin Money’s auditors, PricewaterhouseCoopers LLP, gave notice that they would be resigning with effect from 19 March 2024. The statement of reasons in connection with PricewaterhouseCoopers LLP’s resignation, provided in accordance with section 519 of the Companies Act (Section 519 Statement) is below.