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The Board Audit Committee reviews various aspects of internal control, including the design and operating effectiveness of the financial reporting framework, the Group’s statutory accounts and other published financial statements and information.

We maintain this compliant culture to preserve our financial security, as well as our regulatory and reputational standing in the market.

Monitoring can be undertaken by either dedicated compliance monitoring teams, front-line quality assurance functions at the direction of the compliance function, or in the case of the Capital Markets division by the business unit compliance officers.

This was supported by the AIB ‘First Steps to Getting a Mortgage’ guide, together with local and national advertising through print, digital and broadcast media.

An enhanced Credit Professionalism programme was introduced which builds on existing skills and introduces a focus on financial literacy and the professional requirements of AIB and the financial services industry.

In keeping with our guiding principles, we will continue to evaluate the effectiveness of our HR practices so that we do not disadvantage anyone.

We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other irregularity or error.

These guidelines include the Code of Conduct on Mortgage Arrears, the Irish Banking Federation/Money Advice & Budgeting Service protocol and the IBF Statement of Intent.

It is always wonderful to see the Admiral culture so deeply ingrained in offices across the globe.

It is not something we just say but something we truly believe.

AIB branches and EBS offices operated safely, and we put measures in place for our vulnerable customers.

These businesses provide over 3.6 million cubic metres of oil, petroleum and other oil-related and chemicals storage facilities and associated services to a broad range of clients, including private and state oil companies, refi ners, petrochemical companies and traders.

As a large employer with a significant reach into the markets and the communities we serve, our business has the potential to make a significant impact on our stakeholders.

COMMUNICATION Accessible, clear, and formatted to meet the requirements of each individual: our approach to communication reflects our broader commitments to our customers, ensuring they know exactly what to expect should they ever need to make a claim.

In 2018 we began to phase out single-use plastic cutlery in our UK canteens, replacing them with recyclable models.

AIB GB and First Trust also undertook numerous staff fundraising initiatives throughout 2013 and the GB Staff Care Committee made its annual charity donation.

Accounting records The measures taken by the Directors to secure compliance with the Company's obligation to keep adequate accounting records include the use of appropriate systems and procedures, incorporating those set out within ‘Internal controls’ in the ‘Governance and oversight’ on pages 212 and 213, and the employment of competent persons.

The Committee held five scheduled meetings during the year with a further three meetings dedicated to the Internal Model process.

There is a procedure in place to enable the Directors to take independent professional advice, at the Company’s expense.

Civil and criminal sanctions apply for contraventions of the UKDPA.

EEX – the European marketplace for energy and related products The energy market is a particular area where Deutsche Börse is making progress in rounding off its product range and acquiring new customer groups.

On 6 December, we held our first Purpose Day – a day of celebrating our customers.

Oct 2017 Published our first Sustainability Report aib.ie/sustainability We hosted a conversation between Irish and international experts along with our customers and colleagues on how business can be truly sustainable.

The material risks primarily impacted by key non-financial matters include operational risk, credit risk, people and culture risk, regulatory compliance risk and conduct risk.

The Group’s processes for assessing customers and agreeing sustainable forbearance solutions have significantly improved over the last 2 years with the development of a suite of advanced forbearance products.

During a number of those meetings, the Non-Executive Directors met in the absence of the Executive Directors, in accordance with good governance standards.

Contestants must come up with creative ideas for an energy awareness campaign to change behaviour and improve energy efficiency in their homes, schools and communities.

We supported customers at a local level through the provision of seminars attended by over 4,000 SME customers and a 90-day coaching programme for c.3,000 micro-enterprises.

We are growing and upskilling our sales force and creating a trainee development plan to build the next generation of talent.

Employees are assured that if they raise a concern in good faith, AIB will not tolerate any victimisation or unfair treatment of the employee as a result.

We conducted our audits in accordance with the standards of the PCAOB.

How the scope of our audit responded to the key audit matter We obtained an understanding of relevant controls over the EIR calculation.

In addition, Deutsche Börse AG submitted a declaration of conformity with the German Sustainability Code (GSC) for 2014.

Throughout 2020, WesBanco supported its customers, communities, and employees through the implementation of a number of programs, initiatives, and safety protocols.

The code of business ethics sets out for employees the general principles that govern how AIB Group conducts its affairs.

Northern Trust’s maximum exposure to loss as a result of its involvement with community development projects is limited to the carrying amounts of its investments, including any undrawn commitments.

We chose to conduct the exercise to the standards of GRI, with the ultimate aim in mind of producing a first sustainability report.

Compliance Statement This Remuneration Report has been prepared according to the requirements of the Companies Act 2006 (the Act), Regulation 11 and Schedule 8 of the Large and Medium-Sized Companies and Groups (Accounts and Reports) (Amendment) Regulations 2018 and other relevant requirements of the FCA Listing Rules.

Directors’ conflicts of interests The Directors have a statutory duty to avoid conflicts of interest with the Company.

In May 2020 the Valley Road facility reopened with social distancing procedures in place.

We spent three years working up the development to design and agree a scheme that would meet the requirements of occupiers, local residents and planners.

Previously, she was Risk Management Director of the Insurance and Investments division of Lloyds TSB and, before that, Head of Compliance and Audit at Scottish Widows.

We have also chosen to report emissions per FTE as our intensity measure as we believe this is the best indicator for the Group.

Directors’ retirement and re-election is subject to the Articles of Association and the AIC Code on Corporate Governance.

Services 2014 Governance Management report Financial statements NotesResponsibilityShares Eurex segment The performance of the Eurex derivatives segment largely depends on the trading activities of institutional investors and proprietary trading by professional market participants.

The Committee meets regularly without the Executive Directors being present and is independently advised by PwC, a signatory of the Remuneration Consultants’ Code of Conduct and which has no connection with the Group other than in the provision of advice on executive and employee remuneration matters and taxation advice.

The Group actively engages with all relevant industry and government stakeholders highlighting, as appropriate, the intended and unintended consequences of any proposed regulatory or legislative changes including its impacts on customers, the Group and the industry as a whole.

This commitment to have a wider positive impact has continued to be an important part of the business in 2019, and we have taken several steps forward – for example, with the formalisation of our Employee Consultation Group to create a platform for employees to engage with management and Board, the creation of a Climate Change project working group to consider the impact of Climate Change, a formalised Responsible Investment policy, and continued efforts to engage with the Community and provide a platform for employees to give back.

One of my early priorities as Chief Executive Officer has been to work with our Board on the development of a multiyear culture enhancement programme.

The following attend the Committee’s meetings, by invitation: the Auditors; the Group Finance Director; the Group Chief Risk Officer; the Group General Manager, Regulatory Compliance; and the Group Internal Auditor.

Our customers understand that we are practical people, offering an effective and highly functional service, with no unnecessary complications or additions.

We recommend doing so in conjunction with this Annual Financial Report as it provides further detail and examples of the progress we made in our sustainability strategy last year.

The Board monitors announcements and developments by the UK government on matters of strategic interest – for example the banning of sales of diesel and petrol cars, and the rising trend of electric vehicle technology is on the Board agenda for ongoing discussion.

During the year, as part of our initial TCFD considerations, we started to assess the impact of climate change on our assets, both in terms of the risk of transitioning to a low carbon economy and also the physical risks resulting from climate change.

They also comply with those parts of the Companies Act 2014 applicable to companies reporting under IFRS and with the European Union (Credit Institutions: Financial Statements) Regulations 2015.

This work will be undertaken for us by KPMG, and also follows a recommendation from Deloitte, who assured our 2017 Sustainability Report.

AIB and education – building on existing relationships We already have a long-standing relationship with Junior Achievement Ireland (JAI), which helps children of all ages understand the benefits of staying in education.

Responsibility starts when we first consider investing in a company.

Regulatory compliance risk is defined as the risk of regulatory sanctions, material financial loss or loss to reputation which the Group may suffer as a result of failure to comply with all applicable laws, regulations, rules, standards and codes of conduct applicable to its activities.

The Directors’ report includes a fair view of the development and performance of the business and the position of the Company and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face Disclosure of information to auditors The Directors who held offi ce at the date of approval of this Directors’ report confi rm that, so far as they are each aware, there is no relevant audit information of which the Company’s auditor is unaware; and each Director has taken all the steps that he ought to have taken as a Director to make himself aware of any relevant audit information and to establish that the Company’s auditor is aware of that information.

The gas prices correlated strongly with miles driven and subsequently claims frequency while advertising again remained concentrated in the few largest insurers, again topping $6 billion.

As part of our vision for sustainable growth and our focus on profitability, we continuously work to better measure, record and reduce our Greenhouse Gas emissions.

The review took the form of an internal evaluation and was principally conducted by way of a questionnaire that was issued to all Committee members.

The Group seeks to ensure that it has a diversity of relationships to ensure that no one university or US government laboratory has inordinate influence on our prospects.

The introduction of the new operating model provided a timely opportunity to review our executive governance structures and ensure alignment with the following areas of focus: (i) becoming a single, purpose-led organisation, (ii) ensuring high standards and customer values are at the heart of decision-making, (iii) driving our values and strategy, and ensuring these are aligned with our culture, and (iv) empowering managers in order to allow our most senior leaders to focus on strategy, culture, people and performance matters.

In view of the increase in regulatory requirements, we have increased the resource in our Risk and Compliance teams and established an Investment Committee to oversee certain activities of the investment business.

We received updates from Management regarding the Group’s whistleblowing or “Speak Up” governance arrangements in place.

How the scope of our We have evaluated the design and tested operating effectiveness of the Group’s controls over the audit responded to identification and measurement of the provision and the disclosure of exposures.

We actively support diversity within our organisation and as such we recognise that our people may need flexibility in their work patterns at certain times in their career when balancing priorities between their personal and work life.

We are committed to conducting our business and operations as energyefficiently as possible, reducing our carbon footprint and striving to achieve continuous improvement in energy performance.

WIB serves customers through a relationship driven model with a sector specialist focus comprising corporate banking, real estate finance, energy, climate action and infrastructure.

Sustainability and risk Managing the sustainability of our organisation involves identifying and managing all risks that relate to both day-to-day and future operations.

The Group Conduct Committee together with Segment Conduct Committees (operating to standard terms of reference) actively drive the conduct agendas and manage conduct risk within their businesses.

Investment rationale Exposure to social infrastructure through PPP projects provides the Company’s portfolio with lower risk, index-linked cash flows.

Our charity and community programme focuses on serving the communities near our offi ce locations in Cardiff, Swansea and Newport and since 2007 our overseas locations.

Two things did seem to bind the country together this year, however; lower gasoline prices and continued large advertising.

Today we are in the top half of companies and the results confirm the real progress we are making on our people agenda despite the challenges and change we have faced.

This can only be done by implementing a strict customer-first ethos in all aspects of our business, by putting ourselves in our customers’ shoes.

We aim to reduce our environmental footprint and encourage responsible behaviour.

The Directors confirm that, with the assistance of reports from the Audit Committee and Management, they have reviewed the effectiveness of the Group’s system of internal control for the year ended 31 December 2002.

In 2018, we delivered leading biometric capabilities in facial recognition on the mobile channel, as well as voice recognition across A new era in banking The introduction of the Payment Services Directive II (PSD2) in Europe and Open Banking in the UK in early 2018 allows customers to grant third party companies access to their financial data.

The Group’s Code of Conduct, incorporating the risk culture principles, places great emphasis on the integrity of employees and accountability for both actions taken and inaction.

Steps will continue to be taken to embed the system of internal control and risk management into the operations and culture of the Company and its key suppliers, and to deal with areas of improvement which comes to management’s and the Board’s attention.

Non-property lending fell 4% with strong new lending to the energy sector offset by lower syndicated lending.

As individuals and organisations, we must aim to reverse our negative effects on the planet, the land, the sea, the air.

The AIB ‘Add more green’ e-statement initiative continued to be popular with over 268,000 customers opting for online rather than paper statements.

Key Audit Matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit for the financial statements of the current financial year and include the most significant assessed risks of material misstatement (whether or not due to fraud) we identified, including those which had the greatest effect on: the overall audit strategy; the allocation of resources in the audit; and directing the efforts of the engagement team.

Energy ............................................................ 992 923 670 733 407 Manufacturing ................................................ 3,801 3,212 2,835 2,585 2,270 Construction and property .............................. 33,290 29,973 22,605 14,863 10,059 Distribution ....................................................

The Policy sets out the approach to Board diversity for Boards within the Admiral Group and supports the principle of boardroom diversity and inclusion and the promotion of diverse board composition.

At AIB, we believe our employees work best when they are afforded flexibility and can work in a way that suits them.

This business sorts and treats waste for recycling, alongside composting and anaerobic digestion facilities, and produces sustainable electricity for 350,000 households by converting waste to energy.

How we all live up to our values determines what behaviours are acceptable in AIB and this means aligning remunerations and reward models around these values.

Under the GHG guidelines, scope 1 and 2 emissions are key mandatory areas to report, illustrating the environmental impact of the Group for activities where we have direct control, i.e. operation of our business premises.

Directors’ independence All the Directors, with the exception of Ian Lobley, who was appointed as the 3i Group nominee to the Board with effect from 6 May 2014, are considered by the Board to be independent for the purposes of the Code.

In addition, the Group has insurance policies that cover a number of risk events which fall under the regulatory compliance umbrella.

At the same time we keep working on our role of strategic data partner for insurers that work with us, with our annual insurance price index and our Big Data team providing new tools.

The agriculture sub-sector (10% of the portfolio) continued to perform well in 2015.

In addition, the Group maintains a number of employee codes of conduct regarding appropriate ethical standards in the workplace.

The Dodd-Frank Act also called for regulators to issue new rules relating to incentivebased compensation arrangements deemed excessive, and proxy access by shareholders.

A company’s internal control over � nancial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly re� ect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of � nancial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material e� ect on the � nancial statements.