Four new independent Non-Executive Directors to join our Board

The Board of Directors (the “Board”) of Standard Chartered PLC (the “Company”) today announces the appointment of four new independent Non-Executive Directors. This is the first phase of the Board succession planning exercise that commenced over a year ago designed to enhance the experience, depth and diversity of the Board.

Sir John Peace, Chairman of the Board stated: “We are taking a long-term, strategic, forward-looking approach to refreshing the Board, balancing our need both to maintain longevity and stability on the Board whilst regularly refreshing its composition”.

As part of the multi-year Board succession planning exercise outlined in the 2011 Annual Report and Accounts, further Board changes will be announced ahead of the 2013 Annual General Meeting. The intention is that, whilst ensuring smooth transition and succession, the overall size of the Board will remain broadly in line with current levels.

Board changes

Dr Lars Henrik Thunell (aged 64) is appointed as an independent Non-Executive Director from 1 November 2012.  As a career banker, Dr Thunell has a wealth of financial services and banking experience. Most recently he was Chief Executive Officer and Executive Vice President of International Finance Corporation, a member of the World Bank Group and, as a result, he has a detailed understanding of emerging markets.

Former roles include Chief Executive Officer at Skandinaviska Enskilda Banken (SEB) and President and Chief Executive Officer of Securum, the Swedish Governmental entity created to resolve the country’s banking crisis in the 1990s. Dr Thunell has a highly developed understanding of banking and risk management in a financial services context.

Mrs Margaret Ewing (aged 57) is appointed as an independent Non-Executive Director from 1 November 2012. Mrs Ewing brings accounting, finance, and regulatory development experience to the Board. She retired as a Senior Partner of Deloitte in May 2012 where latterly her role included regulatory and public policy development in a global context, firm wide risk and quality control oversight in addition to being the senior advisory partner to a number of FTSE 100 companies. 

Former roles include Chief Financial Officer of BAA plc, Group Finance Director of Trinity Mirror plc and Non-Executive Director and Chair of the Audit Committee of Whitbread PLC. Mrs Ewing is a member of the Financial Reporting Review Panel and stepped down as Chair of the Audit Committee for the Confederation of British Industry in May 2012. 

Mr Om Prakash Bhatt (aged 61) is appointed as an independent Non-Executive Director from 1 January 2013. Mr Bhatt is a career banker with over 30 years banking experience and retired as Chairman of the State Bank Group in 2011.  State Bank Group includes State Bank of India, India’s largest commercial bank, five associate banks (the State Banks of Bikaner and Jaipur, Hyderabad, Mysore, Patiala and Travancore), the country’s largest private life insurer, a leading investment bank and other subsidiaries spanning diverse activities from general insurance to custodial services. 

Mr Bhatt is currently an independent Non-Executive Director of Tata Consultancy Services, Oil and Natural Gas Corporation Ltd, India and Hindustan Unilever Ltd, and has served as Chairman of the Indian Bank’s Association.  He has extensive banking, financial services and leadership acumen with deep knowledge and experience across India, one of our largest markets.

Dr Louis Chi-Yan Cheung (aged 49) is appointed as an independent Non-Executive Director from 1 January 2013. Dr Cheung was an Executive Director and Group President of Ping An Insurance (Group) Company of China Ltd until 2011 and a Non-Executive Director until June 2012. He has very strong general financial services and investor relations credentials, particularly in a Greater China context. Prior to joining Ping An, Dr Cheung was a global partner of McKinsey & Co and a leader in its Asia Pacific financial institutions practice.

He is also a former Non-Executive Director of Fortis SA/NV and Fortis N.V. Dr Cheung is currently the Chief Executive Officer of Boyu Capital Advisory Co., Ltd and an independent Non-Executive Director of Fubon Financial Holding Co., Ltd.

Sir John Peace, Chairman of the Board, said: “We are adding significant banking, financial and risk management experience to the Board as well as increasing its diversity. These individuals will be excellent additions to the Board bringing with them a wealth of experience from some of our largest markets, including India, Hong Kong, China and Taiwan”.

The Company confirms that there is no other information to be disclosed under the requirements of Listing Rule 9.6.13R in relation to these appointments.

These appointments have received the necessary regulatory approval.

For further information please contact:

James Hopkinson, Head of Investor Relations
T: +44 20 7885 7151
E: James.Hopkinson@sc.com

Jon Tracey, Head of Media Relations
T: +44 20 7885 7613
E: Jonathan.Tracey@sc.com