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 Student Loans Company is subject to the provisions of:
and in addition is required to operate within the limits of a
Framework Document (PDF 6.10 mb) between the Company and
the Government.
Our business
plan (PDF 491kB) for 2011-12 details what we are going to
achieve this financial year. The Company's objectives and
performance targets, and the resources it will be provided with to
deliver these, are outlined in the:
The Student Loans Company, which is wholly owned by the
Secretary of State for Business, Innovation and Skills and Scottish
Ministers, is entirely government funded and is non-profit making.
It was designated a Non-Departmental Public Body (NDPB) on 1 April
1996.
As an Executive Non-Departmental Public Body (NDPB), the
Company's control framework is set out in the
Framework Document (6.10mb). 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
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 the 2010/2011 Annual Report
and Accounts (2.60mb).
The registered office of the Student Loans Company Limited is
at:
21 St. Thomas Street,
Bristol,
BS1 6JS.
Registered in England No. 2401034.
VAT registration number. 556 4352 32