Directorate and Governance ch

RNS Number : 9741D

Standard Chartered PLC

11 December 2009

 



11 December 2009

Standard Chartered announces Board and Governance changes

The Board of Directors (the "Board") of Standard Chartered PLC ("the Company") today announces a series of Board changes to enhance the experience, depth and diversity of the Board and further strengthen the governance of the Company. 

The Board has appointed three new Independent Non-Executive Directors, a Senior Independent Director and a new Group Executive Director and announces that Gareth Bullock, Group Executive Director, will retire from the Board before the next AGM. In order to further improve corporate governance at the Company, it also announces changes to the Board Committee structures as well as changes to the portfolios of the existing team of Group Executive Directors. 

Board changes

Dr Han Seung-Soo, KBE, former Prime Minister of the Republic of South Korea, is appointed an Independent Non-Executive Director from 1 January 2010. Dr Han has a distinguished political and diplomatic career, serving as Minister of Finance, Foreign Affairs and Trade and Industry before serving as Prime Minister in 2008 and 2009. Dr Han has also served as Ambassador to Washington, was the President of the 56th session of the General Assembly of the United Nations and was Special Envoy of the United Nations Secretary-General on Climate Change. 

Richard Delbridge is appointed an Independent Non-Executive Director from 1 January 2010. Mr Delbridge has a wealth of financial experience from a wide-ranging banking career including Group Finance Director, HSBC Holdings PLC; Chief Finance Officer, Natwest Group PLC; and Group Finance Director, Midland Bank. He will become a member of the Board Audit and Risk Committees.

Simon Lowth is appointed an Independent Non-Executive Director from 1 May 2010. Mr Lowth is currently an Executive Director and Chief Financial Officer of AstraZeneca PLC. He was formerly Finance Director at Scottish Power plc and has 15 years' experience at McKinsey & Company, latterly as a senior Director. 

Rudy Markham's appointment as Senior Independent Director (SID) is confirmed. 

Jaspal Bindra, Chief Executive Officer, Asia is appointed as Group Executive Director from 1 January 2010, keeping his responsibilities for growth and governance in Asia. Jaspal joined Standard Chartered in 1998, is a director of Standard Chartered Bank and has held his current position since 2007. He has wide-ranging international experience including previous roles as Global Head of Client Relationships and Chief Executive Officer, India. 

Gareth Bullock, Group Executive Director, has indicated his desire to retire after a long and distinguished career at Standard Chartered having joined in 1996 and held several important general management positions in the Company. His responsibilities for Risk and Special Assets Management will transition, from 4 March 2010, to Richard Meddings, Group Finance Director and Gareth will step down from the Board before the AGM in May 2010.

He will continue his responsibilities for growth and governance across Africa, Europe, Americas and the Middle East until his successor is appointed. 

John Peace, Chairman of Standard Chartered, said:

"We are adding significant financial and banking experience to the Board as well as increasing its diversity to include members with special insight from our key Asian markets. We have an independent, challenging and engaged board that has steered the Company well through the demanding environment in which we operate. I look forward to welcoming new members to the Board and would like to express a special thanks to Gareth Bullock for his significant contribution to the success of the bank over the years. Gareth is a popular figure and his effective leadership and insight will be missed."

Governance Changes

The Board has been conducting an internal governance review throughout 2009. While the Board is already highly effective, the changes to the Board Committee structures will reinforce the highest standards of corporate governance. 

During the first half of 2010, the Board will separate the existing Audit and Risk Committees. The Risk Committee will have responsibility for overseeing the management of the Company's fundamental prudential risks as well as reviewing the effectiveness of the Company's risk management framework. It will be chaired by Jamie Dundas, an Independent Non-Executive Director. In line with the Walker Review, Richard Goulding, Chief Risk Officer, will report into both Richard Meddings and the Risk Committee. 

The Audit Committee will continue to monitor the integrity of the Company's financial reporting, compliance and internal control environment and will be chaired by Rudy Markham. 

The Board also intends to significantly enhance the remit of the existing Sustainability and Responsibility committee to include oversight and review of the Company's brand positioning, reputational risk, culture and values, as well as broader sustainability, ethical and social legitimacy issues. In addition, the remit will cover oversight of customer and client relationships including treating customers fairly. This Committee will be chaired by Paul Skinner, an Independent Non-Executive Director. 

John Peace added:

"Strong corporate governance is essential for delivering sustainable shareholder value and, as a leading international bank, we are at the forefront of corporate governance. I am pleased to say that these changes are in line with the Walker Report recommendations and the proposed updates to the Combined Code. "

Peter Sands, Group Chief Executive, commented:

"These changes to the Board and senior management reflect the changing size and scale of our business. The restructuring of the Board Committees underlines our commitment to building a sustainable business and the importance we attach to good corporate governance."

In relation to the appointments of Mr Bindra, Dr Han, Mr Delbridge and Mr Lowth, Mr Delbridge is Senior Independent Director of Tate & Lyle PLC and was previously a Director of Fortis Group and Gallaher Plc. There is no other information to be disclosed pursuant to any of the requirements under Listing Rule 9.6.13.

These appointments have received the necessary regulatory approvals. 

By order of the Board

Annemarie Durbin

Group Company Secretary

Note to editors

1. Business Description

Standard Chartered - Leading the way in Asia, Africa and the Middle East

Standard Chartered PLC, listed on both London and Hong Kong stock exchanges, ranks among the top 25 companies in the FTSE-100 by market capitalisation. The London-headquartered Group has operated for over 150 years in some of the world's most dynamic markets, leading the way in Asia, Africa and the Middle East. Its income and profits have more than doubled over the last five years primarily as a result of organic growth. 

Standard Chartered aspires to be the best international bank for its customers across its markets. The Group earns around 90 per cent of its income and profits in Asia, Africa and the Middle East, from its Wholesale and Consumer Banking businesses. The Group has over 1600 branches and outlets located in over 70 countries. The extraordinary growth of its markets and businesses creates exciting and challenging international career opportunities. 

Leading by example to be the right partner for its stakeholders, the Group is committed to building a sustainable business over the long term and is trusted worldwide for upholding high standards of corporate governance, social responsibility, environmental protection and employee diversity. It employs around 70,000 people, nearly half of whom are women. The Group's employees are of 125 nationalities, of which about 70 are represented in the senior management.

For more information on Standard Chartered, please visit: www.standardchartered.com

2. Contacts

Investors

Stephen Atkinson

Head of Investor Relations

[phone]
[e-mail]

Ashia Razzaq

Head of Investor Relations, Asia Pacific

[phone]
[e-mail]

Media

Jonathan Tracey

Head of Media Relations

[phone]
[e-mail]

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