Governance

Transparency and ethical considerations are central to the way we operate. We continue to enhance our corporate governance and regulatory compliance in line with regulatory expectations. We have a robust framework in place to support this. Full details of our risk and governance structure can be found in our Annual Report.

RAC Group (Holdings) Board

The Board provides leadership to the Group, and sets our culture of achieving the right outcomes for customers and delivering long-term value for the RAC, its members and stakeholders. The Board typically meets 7 times per year with a programme of work which allows for review and oversight of the Group’s strategy, operational performance and internal controls.

Click for details of the Group's executive and non-executive directors.

The Regulated Entities Board

The overarching duty of the Regulated Entities Board is to provide effective governance and oversight in supporting the discharge of the Group’s legal, regulatory and corporate governance principles, and reporting appropriately on such matters to Board.

Board committees

The Board is supported by the following committees. Each operates under approved terms of reference and reports to the Board.

Board Risk & Audit Committee – assists the Board with the integrity of financial reporting, the effectiveness of risk management and internal controls, and the independence and objectivity of internal and external audit.
Remuneration Committee – oversees the remuneration policy and reviews the individual remuneration packages for each of the directors and senior officers of the Group ensuring PRA/FCA compliance and avoiding incentives that drive inappropriate behaviours.
Sustainability Committee – oversees the Group’s sustainability strategy and compliance with regulatory and governance requirements, supporting long term business sustainability.

Executive committees

The Executive operates through the following committees:

Executive Committee – meets weekly to oversee delivery of strategic objectives within the risk appetite set by the Board.
Executive Risk & Audit Committee (ERAC) – meets quarterly to review Group key risks, any emerging risks and review risk appetite. This Committee also considers the effectiveness of key controls by reviewing the most recent internal audit results, any material risk events that have occurred during the period and management information including data protection and information security, operational and financial resilience and health and safety.

ERAC supporting committees

The Operational Resilience Steering Group meets six times a year to oversee and monitor the framework in place to ensure that our important Business Services remain within our defined impact tolerances in accordance with the requirements of the FCA and PRA. The Steering Group also oversees our approach to wider business continuity and disaster recovery.
We operate monthly Health & Safety Committees in our operational divisions of Roadside Operations and SMR to ensure that the RAC acts to drive strategic improvements in Health & Safety and reacts where issues are identified.
The Executive Compliance Committee (ECC) meets monthly to oversee and review the regulatory compliance control environment. The Committee discusses and reviews the customer outcomes that are being delivered, the conduct and culture within the Group to ensure that we are acting to deliver good outcomes to customers and identifying any risks to those outcomes. This involves reviewing output from: the divisional Customer Committees; the Conduct & Culture Committee; second line compliance monitoring reports and recent regulatory developments.
The Decarbonisation Steering Group meets monthly to review the strategy to drive down energy and carbon impacts through sustainable initiatives that bring genuine reductions in CO2 emissions to meet our net zero emissions targets.

ECC supporting committees

Each of our product groups (Breakdown, Insurance, Legal Expenses and SMR) operates its own Customer Committee which meets monthly to assist the ECC in achieving its objectives and responsibilities to monitor the outcomes received by customers, identify risks to these and propose appropriate actions across the divisions.
The Conduct and Culture Committee supports the ECC in achieving its objectives and responsibilities to monitor the conduct risks that colleagues pose and assess and oversee RAC’s cultural metrics.