The student loans scheme was introduced by the:
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. The company is subject to the provisions of:
In addition it 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 in the:
Our business plan details what we are going to do this financial year to achieve the Annual Performance and Resource Agreement.
The 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 making.
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 September 2012.
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, 2006, 2010 and 2012, 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 noted:
- 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 executive directors;
- remuneration of the Chairman and Chief Executive is determined by the shareholders including arrangements relating to loss of office;
- remuneration packages of executive directors do not include a significant performance-related element;
- remuneration of non-executive directors is set by the shareholders.
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. Chief Executive, Mick Laverty is the current Accounting Officer.
The registered office of Student Loans Company Limited is at:
21 St. Thomas Street,
Registered in England No. 2401034.
VAT registration number. 556 4352 32