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Corporate Governance Framework

Achieving high standards of corporate governance

Santander UK plc

Disclosure and transparency

Santander UK is committed to achieving high standards of corporate governance.

Although our ordinary shares are not listed on the London Stock Exchange, we have preference shares listed, which means we are subject to certain UK Listing Rules and Disclosure and Transparency rules.

We seek to follow the UK Corporate Governance Code 2012 in a manner appropriate for our ownership structure, although - as a non-premium listed company - we are not obliged to do so.

While Santander UK is a subsidiary of the Santander Group, the corporate governance model we adopt ensures that Santander UK's Board and management make their own decisions on liquidity, funding and capital, acting in the best interests of our business and strategy.

A summary of the Articles of Association of Santander UK plc can be found by clicking on the link below:

Summary of Articles of Association (PDF)

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The Board

Santander UK's Board is collectively responsible to shareholders for the long-term success of the business. The Board's structure means that no individual or group dominates the decision-making process.

Role of the Board

Some of the Board’s responsibilities include:

  • setting corporate strategy

  • agreeing risk appetite and policies

  • approving major capital expenditure

  • acquisitions and disposals

  • annual budgets

  • business plans.

Role of the Chief Executive Officer (CEO)

The CEO, through delegated authority of the Board, is responsible for implementing corporate strategy and the overall management of Santander UK.

 Some of the CEO's responsibilities include:

  • implementation of strategy and risk appetite

  • approval of new business in accordance with the overall strategy

  • approval of capital expenditure

  • capital management and credit risk

  • approval of contracts and agreements.

The division of responsibilities between the Chairman and the CEO are set out in writing and agreed by the Board.

Board Terms of Reference

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An Ethical Business Culture

  • We promote and maintain an ethical business culture and do not tolerate the use of bribery in any aspect of our business. Our policies and procedures are designed to comply with the expectations of applicable anti-bribery legislation in the markets and jurisdictions in which we operate, including (but not limited to) the UK's Bribery Act 2010


    We expect our employees and third parties suppliers to behave ethically at all times when performing any form of service on our behalf.

AER and EAR explained

AER stands for Annual Equivalent Rate and shows what the interest would be if we paid interest and added it to your account each year. The gross rate is the interest rate we pay before income tax is taken off. Interest is calculated daily and paid monthly. Rates may change. EAR stands for Effective Annual Rate and represents the yearly cost of an overdraft, which takes account of how often we charge interest to the account, and does not include any other fees or charges. Overdrafts depend on your circumstances and you must repay any overdraft when we ask in line with our General Terms and Conditions.