GB-London: Board Effectiveness Review - CMA

The CMA Board Rules of Procedure provides that the Chair should 'ensure that a Board effectiveness review is performed annually, with independent input at least every three years, and that results are acted upon'.

The review will cover the CMA's Board, its Audit and Risk Assurance Committee (ARAC), Remunerations Committee (RemCo), Nominations Committee (NomCo) and Subsidy Advice Committee (SAU). The review will not cover the CMA's Open Banking Committee.

The review should be in three stages, as part of one journey for the evolving Board:

1.An initial high-level review of the effectiveness of the current Board and its Committees to provide some learnings for a new Board to address in its development (Autumn 23).

2.A workshop for the new Board to go through the lessons from the initial review and create any relevant action plan for improvement (likely Q2 24)

3.A fuller review of the new Board and its Committees' effectiveness once they have been operating for a period - exact terms of reference to be informed by the initial review (at least 6 months in as a new Board).