Corporate Governance
Nova Trust Group Structure
“Nova Trust Group plc is the holding company for Nova Trust Bank, P.L.C. (Nova Trust Bank).
Nova Trust Bank is a financial services group operating predominantly in Ireland and the United Kingdom. We provide a range of services to retail, business, and corporate customers, with market-leading positions in key segments. Nova Trust Bank is the principal brand across all geographies. In Ireland, EBS is our challenger brand, and Haven is our mortgage broker channel.
With over 2.8 million customers, we are committed to backing sustainable communities. We pledge to do more to support the transition to a low-carbon economy.
Nova Trust Group plc is listed on the Main Securities Market of Euronext Dublin and has a premium listing on the London Stock Exchange. Nova Trust Bank, P.L.C. is a Credit Institution licensed and regulated by the Central Bank of Ireland and is subject to the provisions of the Central Bank of Ireland’s Corporate Governance Requirements for Credit Institutions 2015.
References on these pages to “Nova Trust,” “the Group,” and/or “the Nova Trust Group” refer to Nova Trust Group plc and its subsidiaries. References on these pages to the “Company” refer to Nova Trust Group plc and Nova Trust Bank, P.L.C. References to “Board” and/or “Committee” refer to the boards of directors and subcommittees of both Nova Trust Group plc and Nova Trust Bank, P.L.C.
The Board and Board Committees of Nova Trust Group plc and Nova Trust Bank, P.L.C. are mostly the same; therefore, we apply relevant corporate governance requirements and codes to both entities. Other regulation and guidance may apply to our subsidiaries.
Certain information on the Group is provided on this website for ease of reference or due to legislation, regulation, or best practice guidance.”
Cooperate Governance Framework
The Governance Framework of the Group serves as the cornerstone of effective decision-making and accountability. It forms the basis for the Group’s business conduct and its interactions with customers and stakeholders. This framework ensures that the organizational and control structures are well-suited for overseeing the Group’s strategy and operations and for managing associated significant risks. The Governance Framework encompasses Nova Trust Group plc and its subsidiaries.
Corporate Governance Requirements and Codes
Nova Trust’s corporate governance practices align with various statutory and regulatory obligations that are applicable to the Group. These obligations encompass diverse corporate governance codes, regulations, best practice standards, and guidelines. They also adhere to Irish company law, the Listing Rules of the Main Securities Market of Euronext Dublin, and the London Stock Exchange. For UK businesses, compliance with the UK Corporate Governance Code 2018 and UK company law is maintained.
As a credit institution, Nova Trust is subject to the Central Bank of Ireland’s Corporate Governance Requirements for Credit Institutions. This includes requirements that pertain specifically to ‘high impact institutions.’ Furthermore, the Group fulfills additional corporate governance obligations relevant to significant credit institutions as required by the European Union (Capital Requirements) Regulations 2014 (CRD), which transposed the EU Capital Requirements Directive into domestic law.
Compliance with CRD
Regulation 84 of CRD mandates institutions to provide an explanation, on their website, regarding their compliance with specific regulations outlined in CRD.
Directors' Statement on Risk Management and Internal Controls
The Board of Directors holds responsibility for overseeing the Group’s internal control system, which is crafted to mitigate the risk of failing to achieve business objectives. It’s important to note that this system provides reasonable, not absolute, assurance against material misstatement or loss. The Group has established a comprehensive framework and policy structure encompassing business and financial planning, corporate governance, and risk management. The primary goal of the internal control system is to facilitate thorough and ongoing assessment of the Group’s risks, allowing for appropriate responses, rather than attempting to entirely eliminate risk. This entails a process of risk identification, measurement, monitoring, and reporting.
Included in this process is an evaluation of the effectiveness of internal controls, in accordance with the Central Bank of Ireland’s Corporate Governance Requirements for Credit Institutions 2015 and the UK Corporate Governance Code.
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