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

Award Criteria

Stage1 Experience - 30% Please outline your understanding of the requirement along with detailing the key transferrable experience your organisation has that will enable it to meet the requirement to a high standard. In particular, please outline your organisation's experience of: i. conducting effectiveness reviews of comparable organisations; ii. working with boards that have alternative governance arrangements both in the UK and abroad; and, iii. providing bespoke and agile governance reviews. Methodology - 30% Please describe the proposed methodology and tools used for undertaking the review, including assurances on objectivity. This should indicate: iv. how your organisation would adapt its approach to meet the requirements outlined in the specification; v. your organisation's ability to conduct a tailored and flexible review based on the scope; and, vi. your organisation's ability to provide unbiased and objective advice, including making recommendations based on specific examples of leading governance frameworks globally. Case Study - 20% Please provide a case study where you have provided a similar service provision. Timing and Resourcing - 5% Please provide a statement to outline how your organisation will meet the timescales outlined in this requirement. Please also provide an overview of how you intend to resource this requirement, including biographies of those individuals you propose to work on this contract and conduct the review. Costs and financials - 15% Please outline your proposed cost for this project. Prices submitted should be in pound sterling, include expenses and be exclusive of VAT. Stage 2 - Presentations - 100% The top 3 bidders from the assessment of written responses and the cost assessment will be invited to presentation sessions. The presentation sessions will provide an opportunity for tender clarification and to engage with the Chair, Chair of the Nominations and Remuneration Committee, General Counsel and Corporate Secretariat team. It is anticipated that these sessions will be hybrid sessions with attendance in person or by Microsoft Teams. Further details will be provided to the top 3 bidders. Shortlisted suppliers will be required to deliver a presentation to the evaluation panel, which is intended to assess each supplier's understanding of the brief. This will also be an opportunity to demonstrate any tools you wish to use to assist with the review. Building from the recommendations in your original bid, please identify a small number of key considerations for further discussion, including any unique selling points you can offer. There is no right or wrong answer. We would like to see your further suggestions on the scope of the review, what we could or should be doing, and how you would work with us as a partner. The presentation should be no longer than 30 minutes. We will then have 30 minutes for Q&A.

Description

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.

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About National Employment Savings Trust (NEST) Corporation

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