Everything we do as a business is underpinned by our corporate governance approach that ensures we meet the expectations of our stakeholders and act in ways that are transparent and ethical.
Good governance covers everything from how we listen to our customers and people, to the way we run our company.
To support this, we have a robust framework in place to make sure we operate and maintain an appropriate standard of corporate governance and ethical conduct. We also have an open and transparent relationship with our regulators including the Financial Conduct Authority and the Gibraltar Financial Services Commission.
Ownership of The AA
Since March 2021, AA Limited has been majority owned by an investment company controlled by a consortium of funds advised or managed by TowerBrook Capital Partners and Warburg Pincus.
Since the acquisition in 2021, AA Limited has been classified as a portfolio company to which the Walker Guidelines for Disclosure and Transparency in Private Equity apply.
Board of Directors
Management control of The AA Group is exercised by the Board of Directors of AA Limited. The Directors of the Company are Rick Haythornthwaite (Chair), Kory Sorenson (Non-Executive Director), Gordon Holmes (on behalf of TowerBrook Capital Partners), James O’Gara (on behalf of Warburg Pincus), Amélie Petit (on behlf of Stonepeak), Jakob Pfaudler (AA Group CEO) and Tom Mackay (AA Group CFO).
Andrew Sibbald acts as alternate director in the absence of James O’Gara, Joseph Knoll acts as alternate director in the absence of Gordon Holmes, and Nico Woloszczuk acts as alternate director in the absence of Amélie Petit.
Wates corporate governance principles
Following our delisting in March 2021, we’ve chosen to adopt the Wates Corporate Governance Principles for Large Private Companies (the Wates Principles).
This covers six key areas and requires Large Private Companies to publicly report against compliance with these principles:
- Purpose and leadership
- Board composition
- Director responsibilities
- Opportunity and risk
- Remuneration
- Stakeholder relationships and engagement
In-depth policies and training
We’re committed to ensuring good standards of corporate governance and ethical conduct and have a framework in place to support this. We have policies in place and training programmes for colleagues to make sure there’s an awareness and understanding of the legal, regulatory, and ethical requirements and how we expect them to behave.
- Conflicts of interest
- Financial crime
- Anti-bribery and corruption
- Whistleblowing
- Conduct risk
- Vulnerable customers Complaints
Further details on what we’ve done to comply with the Wates Principles and key policies which govern our approach to controls can be found in our latest Annual Report and Accounts.