TEN-2627-003 (PA2023) - Board Effectiveness Review

The Supplier will objectively review the effectiveness of the Nest Corporation Board and the overall governance framework (comprising Committees, Panels, the Nest Invest Board and individual Board Members). The objective of this external effectiveness review will be to evaluate whether Nest's governance framework- particularly the role, composition, and operation of the Nest Corporation Board-is adequately positioned to deliver effective strategic leadership, oversight and accountability in the context of Nest's evolving scale and complexity; and to identify any changes required to ensure the Board remains fit for purpose in the medium to long term as Nest pursues its 2030 strategy, responds to regulatory and political developments, and strengthens its focus on investment, customer outcomes, and organisational resilience. As an additional part of this review, the Supplier should also consider future readiness and benchmark against leading global practices in pensions, investment and broader financial services governance.