Directorate Change

RNS Number : 9142D

Standard Life plc

29 October 2015

 

Standard Life plc

Board Changes

The Board of Standard Life plc ('the Company') announces that Paul Matthews, UK and Europe Chief Executive Officer, and Colin Clark, Director, Global Client Group, have been appointed executive directors of the Company.  These appointments take effect from 1 November 2015.

Paul Matthews joined Standard Life in 1989 and, following senior roles in distribution and relationship management, was appointed UK Chief Executive Officer in 2011 and UK & Europe Chief Executive Officer in 2012.  He was appointed to the Board of Standard Life Assurance Limited in 2007.

Colin Clark joined the Board of Standard Life Investments (SLI) in 2004 as a non-executive director.  In 2010, he assumed executive responsibility for global client relationship activity, including client management, product development, distribution management and also brand management.  Prior to joining SLI, he enjoyed a successful twenty-year career with Mercury Asset Management (MAM)/Merrill Lynch Investment Managers (MLIM).

Commenting on the appointments of Paul Matthews and Colin Clark, Sir Gerry Grimstone, Chairman of the Company, said:

"The needs of our clients are firmly at the heart of our business and our decision making.  Between them Paul and Colin have exceptional pension, investment and client management experience and their appointment to the Board further supports that focus."

Following these appointments, the Company's Board will comprise the Chairman, four executive directors and eight non-executive directors.  The Board will be made up of four women and nine men.  

The Financial Conduct Authority and the Prudential Regulation Authority have approved these appointments and no other information is required to be disclosed pursuant to paragraph LR 9.6.13R of the Listing Rules of the Financial Conduct Authority.

29 October 2015

Enquiries:

Media: Steve Hartley	[phone]* [phone]
Institutional Equity Investors: Jakub Rosochowski	[phone]* [phone]
Group Secretariat: Paul McKenna	[phone]*

* Calls may be monitored and/or recorded to protect both you and us and help with our training. Call charges will vary.

END

Notes to Editors

Service contracts

Paul Matthews

1.	Paul Matthews' basic salary will be £630,000 per annum.
2.	From appointment Paul Matthew's remuneration will be subject to the Remuneration policy for executive directors as published in the Directors' Remuneration Report. Bonuses are paid annually subject to performance.  The maximum level of bonus payable under the Group Annual Bonus plan will be 150%.  Paul Matthews will participate in the Standard Life plc Executive Long Term Incentive Plan ('Executive LTIP').  Under the Executive LTIP, the maximum number of shares as at the date of grant will be 120% of salary.  Any bonuses paid or deferred will be subject to such clawback provisions as determined by the Remuneration Committee.
3.	Paul Matthews has not been appointed for a fixed term but his service contract contains a notice provision under which he may terminate upon 6 months' notice and the Company may terminate upon 12 months' notice.

Colin Clark

1.	Colin Clark's basic salary will be £600,000 per annum.
2.	From appointment Colin Clark's remuneration will be subject to the Remuneration policy for executive directors as published in the Directors' Remuneration Report. Bonuses are paid annually subject to performance.  The maximum level of bonus payable under the Group Annual Bonus plan will be 175%.  Colin Clark will participate in the Standard Life plc Executive Long Term Incentive Plan ('Executive LTIP').  Under the Executive LTIP, the maximum number of shares as at the date of grant will be 300% of salary.  Any bonuses paid or deferred will be subject to such clawback provisions as determined by the Remuneration Committee.
3.	Colin Clark has not been appointed for a fixed term but his service contract contains a notice provision under which he may terminate upon 6 months' notice and the Company may terminate upon 12 months' notice.

Interests in shares

1.	As at 31 October, Paul Matthews holds 174,866 shares and has options over 554,121 shares.
2.	As at 31 October, Colin Clark holds 666,197 shares and has options over 1,269,339 shares.

Biographical details:  Paul Matthews
Nationality:	British
Career summary:
1989 - Present	Standard Life UK & Europe Chief Executive and Executive Director of Standard Life Assurance Limited. Joined as Senior Account Manager and undertook various roles including Area & Regional Sales Manager, Assistant General Manager, UK Distribution Director, MD - UK Distribution and Director of Take to Market UK.
1979 - 1989	National Mutual Life A variety of sales and Investment roles.
Other Appointments:
September 2015	Board Member of the Association of British Insurers

Biographical details:  Colin Clark
Nationality:	British
Education/Qualifications:	University College, Oxford, 1980 B.A. (Hons.) Philosophy, Politics, & Economics
Career summary:
2010 - Present 2004-2010	Standard Life Investments Executive Director, Standard Life Investments (Holdings) Limited Head of Global Client Group Non-Executive Director
1980 - 2001	Mercury Asset Management (MAM)/Merrill Lynch Investment Managers (MLIM) Starting as a graduate trainee with MAM when it was a division of SG Warburg, a variety of roles including Head of Sales and Client Service US & Canada, Head of UK Marketing, Head of Global Sales & Marketing, and Head of Global Marketing, MLIM

Non-Executive Appointments:
2005 - 2014	The Royal Marsden NHS Foundation Trust Non-Executive Director
2005 - 2010	Alpha Strategic plc Non-Executive Director

 

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