The Audit Committee has oversight responsibilities to reasonably assure that LMHC maintains an adequate system of internal control with respect to the accounting and financial reporting processes, audits of financial statements, safeguarding of assets, and compliance with applicable laws and regulations.
The Compensation Committee has oversight responsibilities for the establishment of LMHC's compensation programs and employee benefit plans to reasonably assure that compensation policies and practices are appropriate, fairly administered and in compliance with applicable laws and regulations, and, in particular, for reviewing and approving the total compensation of the Chief Executive Officer and other senior management and for making recommendations with respect to Director compensation programs.
The Board of Directors delegates to the Executive Committee any or all powers of the Board granted to the Board by law and by the Company’s By-Laws and not specifically delegated to another Committee or reserved to the Board by law.
Governance and Sustainability Committee
The Board of Directors delegates to the Governance and Sustainability Committee the responsibility: For strategic oversight and performance evaluation of LMHC's environmental, social and governance (“ESG”) and sustainability priorities and practices including the Company’s charitable purposes. To identify and recommend qualified candidates for nomination to the Board of Directors and its committees, and to oversee the composition, structure, practices and evaluation of the Board of Directors and its committees. To identify, evaluate, and recruit as applicable appropriate candidates as potential successors to the Chief Executive Officer.
The Board of Directors delegates to the Investment Committee broad oversight responsibility for the overall investment activity of the Liberty Mutual Insurance Group.
The Risk Committee has oversight responsibilities to reasonably assure that the Company maintains adequate policies, controls, and practices within its Enterprise Risk Management framework to continuously identify, measure, manage, and mitigate critical risks that could have a material impact on the Company.