PSAA has a Board of non-executive directors supported by a Chief Executive and five members of staff.
The PSAA Board currently consists of a non-executive Chairman and four other non-executive directors.
The non-executive director who is to act as Chairman of the Board is appointed by the IDeA. The other non- executive directors are appointed by the Chairman with the approval of the IDeA.
The primary duty of the Board is to discharge the statutory objects and powers set out in its Articles of Association in accordance with the Companies Act 2006 and the company’s founding documents.
The Board is responsible for:
- establishing and taking forward the statutory functions and objectives of PSAA consistent with its overall strategic direction;
- ensuring that PSAA operates within the limits of its statutory authority and in accordance with any other conditions relating to the use of public funds, primarily the principles of Managing Public Money;
- ensuring compliance with any statutory or administrative requirements for the use of public funds (including those within the principles of Managing Public Money);
- ensuring that it receives and reviews regular financial information concerning the management of PSAA, and is informed in a timely manner about any concerns about the activities of PSAA;
- approving the annual accounts and governance statement;
- demonstrating high standards of corporate governance and independence at all times;
- taking a balanced view of the company’s approach to managing opportunity and risk; and
- imposing no more than proportionate and defensible burdens on audit firms.