[2025] UKUT 00185 (TCC)

The Board meeting took place in the afternoon of the same day. The papers were circulated in advance, and included: Linklaters’s Governance Update; the draft Q3 Update; the 2019 Budget Paper; the Chief Risk Officer’s Report and the draft response to the PSM letter. No copy of Ms Roberts’ email about the meeting with Linklaters was circulated (we consider this further at §§ 291ff) and neither was the exchange of emails between Mr Arden and Mr Sutherland about the COREP reporting, see §§160-161.

The meeting was chaired by Mr Hill, and was attended by all the NEDs as well as by Mr Donaldson and Mr Arden. Various employees attended for particular items, as indicated where relevant below. The next following paragraphs follow the same order as the issues were discussed by the Board.