The UK Board consists of 16 members: ten Executive Members and six Non- Executive members. The ten Executive members are: the Chairman, the Chief Operating Officer & Head of People, the Head of Audit, the Head of Tax, the Head of Advisory, the Head of Markets (Financial Sector), the Head of Markets (National), the Head of Markets (Sectors), the Head of Corporate Affairs and the Head of Quality & Risk Management.
The non-executive members were elected to the Board following a vote of the partners. The Non-Executive Members of the Board will serve two and three year terms up to a maximum of six years. Appointments and re-election are subject to the agreement of individual members at the Annual General Meeting. The Executive Committee are appointed by the Senior Partner. Formally all members of the UK Board are appointed by KPMG Europe LLP as the controlling member. The Board will meet at least 4 times a year in person, together with ad hoc meetings as appropriate.
Management of the day-to-day activities is undertaken by the Executive Management Team (EXCO). EXCO’s responsibilities include the development and implementation of business plans, monitoring operating and financial performance, prioritisation and allocation of resources and investment and managing the risk profile of KPMG LLP. The EXCO Team consists of ten executive officers. EXCO aims to meet at least monthly.
In addition, KPMG LLP has formed an Audit & Risk Committee and a Remuneration & Nominations Committee to deal with key aspects of governance delegated to them by the UK Board. Both Committees are comprised entirely of non-executive members.
The key purpose of the Audit & Risk Committee is to review the effectiveness of the internal audit function, to monitor the integrity of the KPMG LLP business’ financial reporting system, internal controls and risk management framework and recommend the appointment, removal and remuneration and monitor the independence and effectiveness of the Statutory Auditors.
The purpose of the Remuneration & Nominations Committee is to establish a framework for nominating members to the UK Board, to review and monitor the implementation of the process for profit allocation and distribution for UK members and to make recommendations of the total remuneration to the UK Senior Partner and Executive.