Aldermore Group PLC
How Aldermore used the Kuberno Governance Gym™
to transform Governance within the Group.
Aldermore’s corporate governance structure was a legacy from its days as a publicly owned company. Following its acquisition by First Rand Group and the incorporation of MotoNovo Finance within the Aldermore Group, a robust review was required to ensure the corporate governance structure was fit for purpose for a larger privately-owned group, as well as being appropriate for a regulated financial services business.
Aldermore also wanted the transformation process to promote the “One Aldermore” culture by aligning Aldermore and MotoNovo’s approaches to governance whilst retaining the best of both.
The aim was to create a structure that was “future proofed” to support the evolution of the Aldermore Group as a whole.
Jonathan Lagan, General Counsel @Aldermore Group PLC
Kuberno have been fantastic steering and supporting our Corporate Governance transformation project. They provided us with an honest, bench marked assessment of where we were and helped us map and get to where we needed to be. The team are focused, practical and their wide experience allows them to tailor their advice for stakeholders from Board to business teams. Their advice on innovation and development will underpin our Secretarial approach for years to come.
Aldermore partnered with Kuberno on an end-to-end governance transformation programme. Its three core objectives were:
To build a best practice Corporate Governance Framework to support the group's strategy and values.
To design streamlined and efficient governance processes to underpin the new framework
To create a Secretariat Operating Model to optimise resources and support stakeholders.
Team Kuberno delivered a solution across three workstreams:
Work Stream 1
This work stream included:
Insight interviews to build a picture and understand pain points
Agreeing design principles to underpin a corporate governance framework and to establish Aldermore’s approach to corporate governance
Creating a Corporate Governance Framework using agreed design principles
Building a delegated authority and decision-making matrix
Creating an automated Board planning tool to enable Aldermore to build Board agendas, track and balance topics and populate dashboards.
Redesigning Terms of Reference reducing 8-page documents to a single reference sheet for each Board and Executive Committee.
Work Stream 2
This workstream included:
Designing a Board paper template and training on paper writing for Board paper authors
Creating a Board forward-planning process using the new planning tool and a paper commissioning template
Using a design-thinking approach to create Executive Governance and Board playbooks in collaboration with Kuberno's legal design consultant.
Work Stream 3
Secretariat Operating Model
This workstream included:
Designing the Secretariat Target Operating Model (TOM)
Carrying out analysis against the TOM identifying the “as is” position and building the “to be” model with trackable actions and deliverables
Delivering a Team Charter workout using Mural to help the team understand working dynamics, creating a common sense of purpose
Conducting a technology review to maximise existing tools and work out how new tech can be used to support efficient governance operations.
Benefits to Aldermore
Putting stakeholders at the centre of the processes ensured engagement from Day 1. This helped to build the Secretariat team "brand" within the business and also resulted in a smooth implementation of the transformation programme.
It’s all about the right team! We are proud to be working with some of the best consultants in the business at Kuberno. As all of them have held senior leadership roles, they were able to build practical, not theoretical solutions and could advise on the best fit technologies in the marketplace. Their breadth of experience meant they were able to pivot at points to address unforeseen needs, such as team coaching, to deliver a sustainable solution.
Using design-thinking methods such as insight interviews, Kuberno developed a deep understanding of Aldermore's wants and needs in relation to governance and could design a transformation programme that addressed these, rather than turning to an off-the-shelf solution.