Overview
WPA is a not-for-profit, private company, limited by guarantee. Our status as a company limited by guarantee is not common in today's financial services marketplace. So what exactly does this mean? Well, we don't have any share capital and instead have Members rather than shareholders, meaning we are reliant solely on our own resources. As a 'not-for-profit' specialist health insurer, any surplus income we may make is reinvested or used to promote our not-for-profit objectives.
The Board, comprising largely of independent Non-Executive Directors, has responsibility for the overall leadership of WPA, its strategic direction and its values and culture. Collectively, the Board is responsible for the Group's system of Corporate Governance.
The Association adopts and complies with its own Code of Corporate Governance to mirror the Financial Reporting Council's 2018 Code where applicable. We are committed to continually improving upon our already well-established governance arrangements with the Board of the Association reviewing the Code of Corporate Governance at least once a year.
Transparency, openness and honesty
We are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. Our registration can be checked on the Financial Services Register - No. 202608.
As a regulated entity and because of our size, we are required to publish a number of reports annually. You will find all these reports below, along with those from previous years. Please note that some are within our Annual Report and Accounts.
Annually, on a voluntary basis, we produce a Customer Money Procedures Controls Report in accordance with the International Standard on Assurance Engagements (ISAE) 3402. Our external auditors provide an assurance report as part of this document, which is intended for our customers and prospective customers and is available to view on request.
Roles and responsibilities
Those that govern the Association have distinct roles and responsibilities. An overview of these roles and responsibilities is detailed below:
WPA maintains a minimum of 40 Members of the Association. We have three categories of Member: a Permanent Member; Director or Officer Members; and Ordinary Members.
Our Members collectively undertake a governance role. They are the guardians of the culture, ethos and purpose of the Association. Members are asked to consider and approve matters of significance, reserved by the Articles of Association, in the development of WPA. These changes might include significant transactions, the appointment of a new Director, appointment of the Association's auditors or changes to the constitution of WPA. Our Members can also ask questions of the Chairman and the Chairs of each Board Advisory Committee.
Members do not derive any monetary benefit for their role. Conversely, they have a personal liability limited to £100 should the Association be wound up.
Owing to the importance of the governance role that they exercise, any new members must complement the existing wide diversity of age, skills and background. All of our Members are approved by the Board, on the recommendation of the Nomination and Governance Committee; thereafter, approval is required by the remainder of the Members in General Meeting.
Governance structure
The WPA Group recognises that good and effective corporate governance is key to the long-term success of the Association. The system of governance in place is designed to enable the Board to lead with three lines of defence, evidence and oversight of functions.
WPA's Governance structureThe WPA Group subsidiaries
The WPA Group is comprised of WPA as the parent company with numerous wholly owned trading and non-trading subsidiaries. Each subsidiary has its own distinct Board of Directors but ultimately reports to WPA.
WPA Group subsidiariesMeet our Leaders
Find out more about individual members of our Leadership Team and WPA Board.
Meet our LeadersWPA Board Diversity and Inclusion Policy
The purpose of this Board Diversity and Inclusion Policy is to set out WPA's approach to diversity and inclusion. The Policy encompasses the Board, its Committees, Senior Management and subsidiaries within the WPA Group, including the WPA Healthcare Practice Plc and WPA Protocol Plc.
This Policy does not apply to WPA employees as they are covered by the WPA Equal Opportunities Policy which is reviewed annually by the Personnel Committee.
View the Policy Statement
Modern Slavery Act Statement
The WPA Group is committed to ensuring slavery and human trafficking does not occur within our organisation or in our supply chain. Our Modern Slavery Act Statement summarises steps we have put in place to achieve this.
View the Modern Slavery Act Statement
Gender Pay Report
The following Gender pay reports are produced in accordance with the Equality Act 2010 (Gender Pay Gap Information) Regulations 2017.
The WPA Foundations
The WPA Foundation fulfils WPA's second constitutional objective and has a clear remit: to promote good health in young people across the UK.
The WPA Charitable Foundation provides assistance with transport costs to and from hospital for families based in the South West in financial distress with profoundly ill children.
Supporting good causes