Standard Chartered PLC announces changes to its Board

London – Standard Chartered PLC (the “Company”) today announces the appointments of Shirish Moreshwar Apte (aged 69) and Robin Ann Lawther (aged 60) as independent non-executive directors to its Board of Directors with effect from 4 May and 1 July 2022 respectively. Both directors will be put forward for election by shareholders at the 2022 Annual General Meeting.

On appointment, Shirish will join the Audit and Board Risk Committees and Robin will join the Company’s Remuneration and Board Risk Committees. Subject to regulatory approval, both Shirish and Robin will also become independent non-executive directors of Standard Chartered Bank.

Shirish Apte is a former banker with a deep understanding and significant experience of financial services, most notably across the Asia Pacific, Middle East, Africa and Central and Eastern European regions, having spent over 30 years in senior executive positions with Citibank, where he focused on corporate and investment banking, and risk management, and managed commercial and retail banking businesses at country and regional level. Shirish also brings considerable global non-executive experience across the financial services sector.  He is currently the Chairman of Fullerton India Credit Company Ltd, an independent non-executive director and member of the Risk & Compliance and Audit Committees at Commonwealth Bank of Australia, an independent non-executive director at Singapore Life Pte Ltd and an independent non-executive director of Keppel Corporation Limited, where he is a member of its Audit and Board Risk Committees. Shirish also sits on the board of Pierfront Capital Mezzanine Fund.  Previously, he was Vice-Chairman at Fortis Healthcare Limited and an independent non-executive director at IHH Healthcare Berhad and Bank Handlowy w Warszawie SA. Shirish qualified as a Chartered Accountant with the Institute of Chartered Accountants, England and Wales.

Robin Lawther also brings significant experience of the financial services industry with a broad background across investment banking and commercial banking, having spent over 25 years at JP Morgan Chase in a number of senior executive positions. Robin has valuable executive and non-executive experience across global markets and has considerable understanding of regulatory and governance issues.  Since 2014, Robin has been an independent non-executive director of Nordea Bank Abp, the largest Nordic Bank, and is currently a member of its Remuneration & People Committee.  She is also an independent board member of Ashurst LLP, a non-executive board member of UK Government Investments and a member of the advisory board at Aon. Previously, Robin served as a non-executive director on the board of M&G plc from 2019 to 2021.

Both Shirish and Robin intend to manage their other board commitments to ensure that they have sufficient time to dedicate to Standard Chartered and to ensure that they comply with the PRA directorship limits.

The Company also announces that Naguib Kheraj, Deputy Chairman and Chair of the Board Risk Committee, who has been on the Board for over eight years, will retire from the Board on 30 April 2022.  Naguib will be succeeded as Chair of the Board Risk Committee by Maria Ramos, subject to regulatory approval. Maria was appointed to the Company’s Board, Audit Committee and Board Risk Committee, and the Court of Standard Chartered Bank, on 1 January 2021. She was appointed to the Remuneration Committee on 5 July 2021. Maria will also join the Governance and Nomination Committee on her appointment as Chair of the Board Risk Committee.

In addition, Christine Hodgson, Senior Independent Director and Chair of the Remuneration Committee, will stand for re-election at the 2022 AGM with the intention that she steps down from the Board at the end of her nine-year tenure in September 2022. The Company will provide an update on the effective date of Christine Hodgson’s retirement from the Board once it has been finalised.

José Viñals, Group Chairman said:

“We are delighted to welcome Shirish and Robin to Standard Chartered. They both bring considerable and relevant experience of the global financial services industry, the regulatory landscape, as well as experience of operating across many of our markets, in particular the Asia Pacific region. We look forward to their contributions at our Board and Committee discussions.

We are delighted that Maria Ramos will succeed Naguib Kheraj as Chair of the Board Risk Committee, subject to regulatory approval, when Naguib steps down on 30 April 2022. Maria’s wealth of CEO, banking, commercial, financial, international and regulatory experience will ensure continued strong oversight of the Group’s risk management.

I would like to thank Naguib for his very considerable contributions to the Group and the Board during his tenure, including as Deputy Chairman, and for chairing both the Audit and Board Risk Committees. The Group has benefited enormously from Naguib’s wealth of expertise over the last eight years and on behalf of the Board I wish him all the best for the future.”

 Remuneration statement in relation to Shirish Apte

The independent non-executive directors do not participate in any of the Company’s incentive arrangements. As an independent non-executive director, Shirish Apte will have a contract for services with the Company.  Shirish Apte will receive a fee of GBP105,000 per annum for his services as an independent non-executive director, with additional fees of GBP35,000 per annum as a member of the Audit Committee and GBP35,000 per annum as a member of the Board Risk Committee, pursuant to the Directors’ remuneration policy. This is disclosed in accordance with the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited (the “Hong Kong Listing Rules”).

Additional information – Shirish Apte

Shirish Apte is currently an independent non-executive director of Pierfront Capital Mezzanine Fund (“PCMF”), a 90 per cent owned subsidiary of Temasek Holdings (Private) Limited (“Temasek”), a substantial shareholder of Standard Chartered PLC.  His role in PCMF is not managerial or executive in nature.  Shirish Apte previously served as an independent non-executive director of Clifford Capital Holdings Pte. Ltd from April 2020 to June 2021 and Clifford Capital Pte. Ltd from April 2016 to June 2021. Clifford Capital Pte. Ltd is a wholly-owned subsidiary of Clifford Capital Holdings Pte. Ltd., which in turn is 46 per cent owned by Temasek.  Save as disclosed herein, Shirish Apte has no relationship with any other Director, member of senior management or substantial or controlling shareholder of Standard Chartered PLC.

Shirish Apte currently holds no shares in the Company.

Shirish Apte’s appointment as a Director of the Company is subject to annual re-election by shareholders and election at the 2022 AGM.

Save as disclosed above, there is no other information to be disclosed under the requirements of UK Listing Rule 9.6.13 (1-6) and Rule 13.51(2) of the Hong Kong Listing Rules in relation to Shirish Apte’s appointment.

Remuneration statement in relation to Robin Lawther

The independent non-executive directors do not participate in any of the Company’s incentive arrangements. As an independent non-executive director, Robin Lawther will have a contract for services with the Company. Robin Lawther will receive a fee of GBP105,000 per annum for her services as an independent non-executive director, with additional fees of GBP30,000 per annum as a member of the Remuneration Committee and GBP35,000 per annum as a member of the Board Risk Committee, pursuant to the Directors’ remuneration policy. This is disclosed in accordance with the Hong Kong Listing Rules.

Additional information – Robin Lawther

Robin Lawther has no relationship with any other Director, member of senior management or substantial or controlling shareholder of Standard Chartered PLC.

Robin Lawther currently holds no shares in the Company.

Robin Lawther’s appointment as a Director of the Company is subject to annual re-election by shareholders and election at the 2022 AGM.

Save as disclosed above, there is no other information to be disclosed under the requirements of UK Listing Rule 9.6.13 (1-6) and Rule 13.51(2) of the Hong Kong Listing Rules in relation to Robin Lawther’s appointment.

Additional information – Naguib Kheraj

There are no matters relating to the retirement of Naguib Kheraj that need to be brought to the attention of the shareholders of the Company.

ENDS

For further information, please contact:

Shaun Gamble

Shaun.Gamble@sc.com

+44 20 7885 5934