There are currently eight directors on the board of Cheviot Trustees Limited. Three directors represent employers, Three represent members and two are co-opted directors, the Chief Executive and Chair. Two of the trustees are also professional trustees although only the Chair acts as such in respect of the Cheviot Trust.
The Board feels it is important to hear directly from employer and member representatives and that it improves the Board’s general understanding of those perspectives.
A majority of directors are also non-affiliated. This means they are independent of any business which provides advisory, administration, investment or other services to Cheviot. Together with Cheviot’s ability to appoint a range of advisers, this helps the Trustee look more widely at issues and not be constrained by a particular adviser.
The Trustee is chaired by Sir Derek Morris, a leading economist, previous Chair of the UK Competition Commission (now the Competition and Markets Authority), Chairman of the Morris Review of the Actuarial Profession in 2004-5 and chair of the Treasury’s 2009 Working Party on addressing the consequences of the financial crisis for the pensions industry.