The student loans scheme was introduced by the:
Student Loans Company was established to administer this scheme
within the policy context and legislative framework laid down by
the government. It was incorporated as a private limited company in
1989 and started trading in 1990.
Student Loans Company is subject to the provisions of:
and in addition is required to operate within the limits of a Framework
Document between the company and the government.
The company's objectives and performance targets, and the
resources it will be provided with to deliver these, are outlined
Our business plan details what we are going to do this financial
year to achieve the Annual Performance and Resource Agreement.
Student Loans Company, which is owned by the Department for
Business Innovation and Skills, Scottish Ministers, the Welsh
Assembly Government and the Department for Employment and Learning
in Northern Ireland is entirely Government-funded and non-profit
As an Executive Non-Departmental Public Body (NDPB), the
Company's control framework is set out in the
Framework Document. A revised
Combined Code on Corporate Governance was published in July
2006. This is supported by the document
'Internal Control: Guidance for Directors on the Combined Code'
(the Turnbull guidance)
As a matter of good practice the company has, since 1995,
adopted published corporate governance guidelines and has reported
accordingly in the annual directors' reports. This is despite the
fact that the company is not a listed company of the type to which
these requirements were directed. However, with the publication of
the Combined Code in 1998, and subsequently the revised codes in
2003 and 2006, there are a number of matters with which, due to its
status as a NDPB, the Company cannot comply.
The following exceptions from its provisions should therefore be
- All appointments at Board level are made by the shareholders,
consequently there is no Nominations Committee;
- for the same reason, there is no provision for re-election of
- remuneration of the Chairman and Chief Executive is determined
by the shareholders including arrangements relating to loss of
- remuneration packages of executive directors do not include a
significant performance-related element;
- remuneration of non-executive directors is set by the
As defined within Government Accounting, the Accounting Officer is
charged, in the Accounting Officer Memorandum, with maintaining a
sound system of internal control that supports the achievement of
the company's policies, aims and objectives; and regularly
reviewing the effectiveness of that system. The Accounting Officer
is also responsible for signing the Statement on Internal Control.
The latest version can be found in our Annual Report.
The registered office of the Student Loans Company Limited is
21 St. Thomas Street,
Registered in England No. 2401034.
VAT registration number. 556 4352 32