Corporate Governance
Springfield Group Structure
Springfield Bank and Financial Services is a financial services group primarily operating in the United Kingdom and Ireland. As the holding company, Springfield Bank oversees subsidiaries that provide retail, business, and corporate services, with a strong market presence in key sectors. The Springfield Bank brand is used across all geographies, while the EBS brand is the challenger brand in Ireland, and Haven serves as our mortgage broker channel.
With a customer base of over 2.8 million, Springfield Bank is committed to supporting sustainable communities and is dedicated to facilitating the transition to a low-carbon economy.
The company is listed on the Main Securities Market of Euronext Dublin and holds a premium listing on the London Stock Exchange. Springfield Bank and Financial Services is a licensed and regulated credit institution, subject to the Corporate Governance Requirements for Credit Institutions 2015 established by the Central Bank of Ireland.
All references to the “Group,” “Company,” “Board,” and “Committee” refer to Springfield Bank and Financial Services and its subsidiaries, with the Board and Board Committees being largely the same across both entities. Appropriate corporate governance requirements and codes are applied to both Springfield Bank and Heritage Alliance Bank, the latter being a subsidiary of Springfield Bank. Additionally, other regulations and guidelines may apply to our subsidiaries.
This website provides certain information about the Group, either for ease of reference or in compliance with legislation, regulation, or best practice guidance.
Cooperate Governance Framework
The Group’s Governance Framework underpins effective decision-making and accountability. It is the basis on which the Group conducts its business and engages with customers and stakeholders. It ensures that organizational and control arrangements are appropriate to the governance of Springfield’s strategy and operations and the mitigation of related material risks. This framework encompasses Springfield and its subsidiaries.
Corporate Governance Requirements and Codes
Springfield’s corporate governance practices meet the many statutory and regulatory obligations that apply to the Group including various corporate governance codes, regulations and best practice standards and guidelines, Irish company law, the Listing Rules of the Main Securities Market of Euronext Dublin and the London Stock Exchange, the UK Corporate Governance Code 2018 and, for UK businesses, UK company law.
As a credit institution, Springfield is subject to the requirements of the Central Bank of Ireland’s Corporate Governance Requirements for Credit Institutions, including requirements which specifically relate to ‘high impact institutions’. Additional corporate governance obligations for significant credit institutions are met for the purposes of 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 requires institutions to explain, on their website, how they comply with the certain regulations contained in CRD.
Directors' Statement on Risk Management and Internal Controls
The Board of Directors is responsible for the Group’s system of internal control, which is designed to manage the risk of failure to achieve business objectives, and can provide only reasonable and not absolute assurance against material misstatement or loss. The Group has implemented a framework and policy architecture covering business and financial planning, corporate governance and risk management. The system of internal controls is designed to ensure that there is thorough and regular evaluation of the Group’s risks in order to react accordingly, rather than to eliminate risk. This is done through a process of identification, measurement, monitoring and reporting.
This process includes an assessment of the effectiveness of internal controls, which accords with the Central Bank of Ireland’s Corporate Governance Requirements for Credit Institutions 2015 and the UK Corporate Governance Code.