BOARD DIVERSITY POLICY

This document is a best effort to accurately describe the subject policy at the time of publication and will be effective from the date of Board approval.
The material contained herein is confidential and proprietary to Apollo Syndicate Management Limited (Apollo) and may not be reproduced or disclosed to others without the express authorisation of Apollo.

CONTENT

1.0  Document Information
‍1.1  Purpose
1.2  Regulatory Requirements
1.3  Audience
2.0  Board Diversity
‍2.1  Scope
2.2  Background
2.3  Policy Statements
2.4  Approach

BOARD DIVERSITY

2.1 Scope
This Policy applies to the Board of Apollo Syndicate Management Limited.

2.2 Background
The PRA requires that regulated firms:

• engage a broad set of qualities and competences when recruiting members to the board; and
• put in place a policy promoting diversity on the board.

Firms must also explain on their website how they comply with the above requirements.

2.3 Policy Statements
The Board aims to achieve sufficient diversity in its composition, including its committees (including diversity of skills and experience); and seeks to prevent any conscious or unconscious discrimination or bias.
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It is recognised that diversity and inclusivity should enhance the Board’s effectiveness, enabling it to govern the business appropriately, better ensure policyholder protection and reduce conduct risk.

In particular, the Board aims to increase the number of women on the Board to at least 20% in the next year with a long term objective of reaching at least 35%.

The Board recognises that diversity and gender balance at Board level can only be achieved if there is a pool of diverse candidates from which to recruit. With this in mind the Board intends to develop a program to identify and develop employees with the potential to become future Board members by providing training and personal development opportunities.

The Board is conscious of the value of cognitive and experiential diversity and, the range of insights, perspectives and opinion that this brings. In addition to the stated targets for female Board members, considerable emphasis is given to ethnic, social, educational and industry diversity

Apollo recognises that by understanding and valuing diversity, within a culture of inclusivity that encourages input from all perspectives, we can build trusted relationships with our clients, colleagues and communities.

Apollo values diversity and inclusivity as an important asset that:

• enhances our culture;
• helps us to provide a better service to our clients; and, therefore benefits all stakeholders including staff, capital providers and shareholders.

The Board, led by the Chair, will ultimately be responsible for ensuring the diversity of the Board.

‍The Board Diversity Policy will be reviewed annually.

2.4 Approach
The Board’s approach will include:

• A review, at least annually, of the composition of the Board, including its diversity and inclusivity, by the Remuneration & Nominations Committee of the Board.
• An annual Board effectiveness review, led by the Chair, which will be independently performed at least every three years, including an assessment of individual and collective competence and suitability.
• All new Board appointments will be made on merit, based on objective criteria, taking account of the specific skills, experience, independence and knowledge needed to ensure a suitably diverse Board composition.

-Where there is more than one candidate for an appointment with the required skills and experience, priority will be given to the candidate who, if appointed, will enhance the diversity of the Board

• Apollo will only use search firms who are signatories to the Search Firms’ Voluntary Code of Conduct.
• The Board is responsible for ensuring that adequate succession planning is in placefor the Board. In doing so, the Board shall have regard to this policy and the composition and skill requirements of the Board at that time.