Apologies, welcomes, declarations of conflicts of interest
The Chair welcomed everybody to the meeting. Apologies had been received from the Interim Director of Finance and Corporate Services and the NextGen NED. There were no declarations. The draft minutes of the 10 May 2023 extraordinary Board meeting were approved.
Chair's update
The Chair reported that Katie Kapernaros and Christopher Morson would be appointed for another four-year term, commencing 1 April 2024.
Draft annual report and accounts (ARA) 2022 to 2023
The version of the annual report and accounts (ARA) that had been put to the Board was not completely final, and so the Board was being asked to approve it on that basis and to delegate authority to the CEO and Chair to approve any further changes. The Board noted that the NAO audit was complete.
The chair of Audit and Risk Assurance Committee (ARAC) introduced the biannual ARAC report. He confirmed that ARAC had conducted its due diligence on the draft ARA and, subject to a final independent check on the numbers, was pleased to recommend them to the Board for approval.
Subject to minor amendment and delegation to the CEO and Chair, the Annual Report and Accounts (ARA) were approved.
Any other business
The Chair noted that the annual Chair’s priority letter had been received from the Minister for Pensions, which set out her thoughts on the priority areas for TPR’s focus in the current financial year: collective defined contribution, automatic enrolment, defined benefit funding code, liability-driven investments, consolidation, market developments, pension scams, pension dashboards, finance and corporate governance.