Mutual Liverpool Victoria has welcomed the Penrose report, reiterating its commitment to mutuality “for many years to come”.
Chief executive Malcolm Berryman says Liv Vic supports the report and will co-operate with the review into corporate governance of mutuals.
Berryman underlined that although Liv Vic is governed by the Friendly Societies Act, it also complies with underlying principles of the 'Combined Code', which requires separation of chief executive and chairman, independent non-executive directors, a remuneration committee and an audit committee made up of non-execs.
He says: “As a membership organisation our members are at the heart of everything we do. We offer members a highly competitive proposition and are well placed to continue to serve our members as a mutual for many years to come.”