Trustee Board

The Scheme is managed by Kingfisher Pension Trustee Limited, a company established specially to act as Trustee. As the Trustee is a company, there have to be directors; the directors of this trustee company form the Trustee Board and are colloquially termed 'Trustees'.

Trustees are drawn from all levels within the Kingfisher Group, including Val Struthers who is a pensioner. In addition, one of the Trustees, Charles Woodward, is not employed within the Group and is chosen for his complete independence as well as his knowledge and experience of pension matters.

Before taking up their appointment, new Trustee Board directors receive both external and internal training.

The Trustee Board monitors and oversees the Scheme through committees, which focus on specific aspects of day-to-day operations. The four Committees (Accounts and Audit, Benefits, Investment, and Sealing) report separately to the Trustee Board. The role of each Committee is briefly explained opposite.

Changes to the Trustee Board

There is no set term of appointment to the Trustee Board, but appointments are reviewable after four years, or earlier if there is a change in a director's employment or personal circumstances. The power to appoint and remove Trustees rests with Kingfisher plc.

Under the terms of the Pensions Act 1995, Kingfisher plc opted out of the requirement to appoint Member Nominated Trustees, and alternative arrangements were adopted.

Roger Blundell resigned from the Trustee Board on 22 August 2006 and Angela Taylor resigned from the Trustee Board on 27 September 2006. Tony Williams was appointed on 22 February 2007.

Accounts & Audit Committee

Membership: Charles Woodward (Chairman), Karl Lidgley, Tony Williams and Helen Jones.

The role of the Committee is to:
• Approve the Accounts of the Scheme and the Report to members;
• Arrange and approve the process of auditing the Accounts;
• Monitor controls and record keeping; and
• Approve budgets and monitor the expenses of running the Scheme.

Benefits Committee

Membership: Tony Stanworth (Chairman), Helen Jones and Val Struthers.

The Committee meets as necessary to exercise the Trustee's discretionary powers, particularly in relation to:

• The distribution of lump sum death benefits; and
• The granting of ill-health early retirement pensions.

Investment Committee

Membership: Charles Woodward (Chairman), Terry Hartwell, Val Struthers, Tony Williams and Alison Martin. In addition Duncan Tatton-Brown, Group Finance Director, is also a non-Trustee member of the committee.

The Trustee Board agrees the Scheme's Statement of Investment Principles. Day-to-day investment management is undertaken by external managers. The role of the Committee is to:

• Make recommendations to the Trustee Board on strategic issues;
• Monitor and review the managers; and
• Decide on manager appointments and terminations

Sealing Committee

Membership: Helen Jones (Chairman), Tony Stanworth and Val Struthers.

The role of the Committee is to authorise the affixing of the company seal to relevant documents.