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BOSTON • GLASGOW • LONDON • NEW YORK UK Bank Boards Analysis July 2019 | 1BOSTON • GLASGOW • LONDON • NEW YORK www.ridgewaypartners.com
UK Bank Boards Analysis, July 2019
Welcome to the eighth, bi-annual Ridgeway Partners UK Bank Boards Analysis, as of July 2019.
We list all non executive and executive board members, including their board roles, business backgrounds, nationality, gender and tenure.
We have also included selected analytics on the 355 directors across the 34 banks.
We have divided the sector into the following groups: Table 1a Largest UK Bank/Mutual BoardsTable 1b Ring-Fenced and Non-Ring-Fenced UK Bank BoardsTable 2 Mid-sized Listed UK Bank BoardsTable 3 Subsidiary/Private Equity/Hedge Fund backed UK Bank BoardsTable 4 Larger UK Building Societies and Leading Irish Bank BoardsTable 5 ‘Neobank’/Fintech UK Bank Boards
2 | BOSTON • GLASGOW • LONDON • NEW YORK UK Bank Boards Analysis July 2019
Headlines over the last six months• Despite the ring fenced boards now being established, and fewer new bank approvals in 2019, the demand for financial services board talent
has continued to be strong.
• Demand is particularly strong for Audit, Risk and Remuneration Committee chairs.
• Several boards are also seeking to add profiles with operational/transformation/relisience/technology expertise. More former CIOs/CTOs and COO’s are joining boards given the increasing significance of their experience.
• The updated Code recommending that chairs rotate off after nine years, including the time they have been a non executive director, is encour-aging succession planning in a number of cases.
• In addition to conventional searches, several boards are increasingly undertaking benchmarking and talent pipeline projects, in particular for SMR chair roles.
• Boards continue to respond to greater regulatory and investor demands by creating sub committees focussed on the customer, conduct and culture, and technology. Boards are also appointing employee representatives as encouraged by the governance Code.
• The demand for enhancing the diversity of boards, across all measures, continues to be a priority, with gender diversity still the focus, fol-lowed by BAME profiles. This is also a major factor in considering executive director succession.
• The market is increasingly aware of portfolio capacity and “overboarding” for chairs as well as committee chairs. This, combined with greater time commitments and regulatory scrutiny, is creating pressure on the pipeline of candidates as qualified directors are constrained in what else they can do.
• There is an emerging trend towards the anticipated tenure on boards being nearer to six years than nine years. This is seen to enhance inde-pendence and ensures new perspectives joining the boards. This also reflects a trend of non executive directors approaching their portfolio careers as a genuine second career, and moving between boards perhaps more regularly than before.
• Boards are still seeking core banking skill-sets and suitability for their regulated contexts, but are increasingly keen to attract those with a “next generation financial services” or digital/fintech mindset and expertise.
Company highlights• CYBG and Virgin Money have confirmed their merger. They have announced their intent to rebrand the new entity Virgin Money in 2020.
• One Savings Bank and Charter Court Financial Services have agreed their merger, and there will be a number of board changes in due course.
• There is significant growth in the digital/mobile banking sector. A number of the “neobanks” (Starling, Tandem, Zopa, Monzo and Revolut) continue their growth and board development.
CHAIRS
• 2019 has seen new chairs at Barclays PLC (Nigel Higgins) and Monzo (Gary Hoffman).
• It has been announced that Sir Malcolm Williamson will chair the combined One Savings Bank and Charter Court business, with David Wey-mouth becoming Deputy Chair.
• A search is underway for a new chair at Metro Bank.
• There are four female chairs out of all 49 bank entities listed in this report.
• The typical (median) chair has been on their board for approximately 4 years. Only two chairs have been in place for at least nine years; three for eight years.
NON EXECUTIVE DIRECTORS
• During this first half of the year, there have been new non executive directors appointed at HSBC, Santander, Standard Chartered, NatWest Markets, OneSavings Bank, Co-operative Bank, Coventry Building Society, Leeds Building Society, Bank of Ireland, AIB, Atom, and Zopa.
EXECUTIVE DIRECTORS
• The first half of 2019 has seen new Chief Executive Officers starting at Barclays Bank UK (Matt Hammerstein), TSB (Debbie Crosbie), Bank of Ireland (Ian McLaughlin), Leeds Building Society (Richard Fearon) and AIB (Colin Hunt). Jim Brown has been announced as the new Chief Executive Officer at Sainsbury’s Bank.
• The search for a new chief executive officer of Royal Bank of Scotland is under way.
• New Chief Financial Officers have started at Barclays Bank UK (Acting Chief Financial Officer, Rupert Fowden), Lloyds Bank Corporate Markets (Chris Edis), and AIB (Donal Galvin)
• Rick Hunkin has joined the Board of Chetwood as Executive Director and Chief Risk Officer.
BOSTON • GLASGOW • LONDON • NEW YORK UK Bank Boards Analysis July 2019 | 3
GENDER – COMMITTEE CHAIRS• The role with the highest proportion of females remains Remuneration Chair
(48%) followed by SIDs (30%). This compares to 17% chairs of audit, 12% chairs of risk and 9% of chairs.
CHAIR TENURE• The typical (median) chair has been on the board for 4 years. Only two
chairs (Metro Bank, Tesco Bank) have been in place for at least nine years; three for eight years. This includes time they were a NED or Chair Elect.
GENDER – DIRECTORS • 28% of directors are female. Whilst this is in line with the overall level
for the FTSE 350 (29%) it is below the Hampton-Alexander target of 33% representation set for the end of 2020.
• Over half of banks (20) have at least three female directors with 14 having 4 or more female directors (up from 11 in January 2019); AIB, Atom, HSBC, Nationwide, Santander and TSB each have 5 female directors.
0
1
2
3
4
5
6
7
8
14131211109876
Number of directors
Num
ber o
f ban
ks
SID -
Female
SID -
Male
Risk -
Female
Risk -
Male
Remun
eratio
n - Fe
male
Remun
eratio
n - M
ale
Audit
- Fe
male
Audit
- Male
Chair -
Female
Chair -
Male
0
20
40
60
100%
80
0
1
2
3
4
5
6
Num
ber o
f Cha
irs
119876543210
Year appointed
0
1
2
3
4
5
6
7
8
Num
ber o
f ban
ks
543210
Number of female directors
BOARD SIZE • The average board size is 10.4 directors, ranging from 6 for Zopa to 14 for
AIB, HSBC and Nationwide. This is down from 10.8 in January 2019.
• In January 2019, 12 banks had boards with 13 or more directors. This is now down to 8 boards.
South African
Chinese
New Zealander
French
Spanish
Irish
American
British
These tables summarise the composition of UK Bank Boards. The analysis is based on 355 directors of 34 banks, as of July 2019.**The Ring-Fenced and Non-Ring-Fenced bank board members on Table 1b are not included in the analytics due to the overlap of board members with the group boards.
GENDER – BY ROLE • In total, 37% of the bank NEDs are female. This compares to 35% of all
FTSE 350 NEDs.
• 12% of the bank EDs are female (9% of CEOs, 13% of CFOs and 17% of other EDs). This compares to 10% of all FTSE 350 EDs (as of July 22nd 2019).
• 9% of the bank chairs are female compared to 8% of all FTSE 350 chairs.
0
5
10
15
20
25
30
35
40
RoleCEO CFO EXEC CHAIR NED
Perc
enta
ge o
f fem
ale
dire
ctor
s
TOP 8 NATIONALITIES• 74% of directors are British. 7% are American, 15% other European
nationalities (the top nationalities being Irish 30, Spanish 11, and French 4), 4% are other nationalities (the top other nationalities being New Zealander 4, Chinese 3 and South African 3).
• 7 boards are all British (Close Brothers, Co-Operative Bank, Leeds Building Society, OneSavings Bank, Secure Trust, Skipton Building Society and York-shire Building Society).
4 | BOSTON • GLASGOW • LONDON • NEW YORK UK Bank Boards Analysis July 2019
Largest UK Bank/Mutual Boards Analysis as of July 20191a Key: NAME Year of joining board Nationality Business background Red highlights female
Table
CHAIR
NIGEL HIGGINS 2019
Investment Banking
MARK TUCKER 2017
Insurance
LORD NORMAN BLACKWELL 2012
UK Government
DAVID ROBERTS CBE 2015
Retail/Wholesale Banking
SIR HOWARD DAVIES 2015
Regulator
THE RT HON. THE BARONESS SHRITI VADERA 2015
Investment Banking/Government
JOSÉ VIÑALS 2016
Economist/Central Banking/IMF
NED
CRAWFORD GILLIES 2014 (SID & REMUNERATION CHAIR)
Strategy Consulting (ACA)
JONATHAN SYMONDS, CBE 2014 (SID, DEPUTY CHAIR & AUDIT CHAIR)
Pharma/Finance (FCA)
ANITA FREW 2010 (SID & DEPUTY CHAIR)
Metals/Mining/Asset Management
LYNNE PEACOCK 2011 (SID & REMUNERATION CHAIR)
Retail/Wholesale Banking
MARK SELIGMAN 2017 (SID)
Investment Banking
SCOTT WHEWAY 2013 (SID)
Retail
NAGUIB KHERAJ 2014 (DEPUTY CHAIR & AUDIT CHAIR)
Retail/Wholesale Banking/Finance
NED
MIKE ASHLEY 2013 (AUDIT CHAIR)
Risk/Audit (FCA)
JACKSON TAI 2016 (RISK CHAIR)
Investment/Retail Banking
ALAN DICKINSON 2014 (RISK CHAIR)
Retail/Wholesale Banking
KEVIN PARRY OBE 2016 (AUDIT CHAIR)
Finance
PATRICK FLYNN 2018 (AUDIT CHAIR)
(FCA) Retail/Wholesale Banking
CHRIS JONES 2015 (AUDIT CHAIR)
Audit (FCA)
CHRISTINE HODGSON 2013 (SID & REMUNERATION CHAIR)
Technology/Finance (FCA)
NED
TIM BREEDON CBE 2012 (RISK CHAIR)
Insurance/Investment
PAULINE VAN DER MEER MOHR 2015 (REMUNERATION CHAIR)
Human Resources
SIMON HENRY 2014 (AUDIT CHAIR)
Oil and Gas/Finance
TIM TOOKEY 2015 (RISK CHAIR)
Insurance/Retail Banking
ROBERT GILLESPIE 2013 (REMUNERATION CHAIR)
Wholesale Banking (ACA)
ED GIERA 2015 (RISK CHAIR)
Investment Banking
DAVID CONNER 2016 (RISK CHAIR)
Wholesale Banking
NED
SIR IAN CHESHIRE 2017
Retail
KATHLEEN CASEY 2014
US Government
LORD JAMES LUPTON, CBE 2017
Investment Banking
RITA CLIFTON CBE 2012
Brand/Marketing
BARONESS SHEILA NOAKES, DBE 2011 (RISK CHAIR)
Audit/Government (ACA)
ANNEMARIE DURBIN 2016 (REMUNERATION CHAIR)
Retail/Wholesale Banking
DR LOUIS CHEUNG 2013
Insurance/Finance
NED
MARY ANNE CITRINO 2018
Investment Banking
HENRI DE CASTRIES 2016
Insurance
AMANDA MACKENZIE OBE 2018
Insurance/Utilities/ Advertising
MAI FYFIELD 2015
Media
FRANK DANGEARD 2016
Investment Banking/Telecoms
ANA BOTÍN 2014
Retail/Wholesale Banking
DR BYRON GROTE 2014
Oil and Gas/Finance
NED
MARY FRANCIS, CBE 2016
Government
THE HON. LAURA CHA, GBM 2011
Hong Kong Government/Regulatory
NICK PRETTEJOHN 2014
Insurance
ALBERT HITCHCOCK 2018
Media/Telecommunications/IT
ALISON DAVIS 2011
Banking/Payments/Technology
GERRY BYRNE 2017
Retail/Wholesale Banking
GAY HUEY EVANS, OBE 2015
Capital Markets/Regulation
NED
MATTHEW LESTER 2017
Retail Finance (ACA)
DR JOSÉ ANTONIO MEADE KURIBREÑA 2019
Government/Banking
STUART SINCLAIR 2016 (REMUNERATION CHAIR)
Retail Banking
MITCHEL LENSON 2011**
Retail/Wholesale Banking/IT
MORTEN FRIIS 2014
Capital Markets/Risk
GARRETT CURRAN 2019
Investment Banking
DR NGOZI OKONJO-IWEALA 2017
Nigerian Government/World Bank
NED
DIANE SCHUENEMAN 2015
Investment Banking
IRENE LEE 2015
Wholesale Banking
SARA WELLER CBE 2012
Retail
THE RT. HON. THE BARONESS USHA KUMARI PRASHAR, CBE 2017
Public Sector
MIKE ROGERS 2016
Retail Banking/Insurance
DIRK MARZLUF 2019
Insurance/Technology
DAVID TANG 2019
Technology/Venture Capital
NED
HEIDI MILLER 2014
Investment/Wholesale Banking
GUNN WÆRSTED 2017
Wholesale Banking/Media/Telco
DR LENA WILSON, CBE 2018
Government/Investment Banking
GENEVIEVE SHORE 2015
Publishing/Digital
CARLSON TONG 2019
(FCA) Audit
NED
DAVID NISH 2016
Insurance/Investment (ICAS)
JASMINE WHITBREAD 2015
Charity/Financial Information
ED – CEO JES STALEY 2015
Wholesale Banking
JOHN FLINT 2018
Wholesale/Retail Banking
ANTÓNIO HORTA-OSÓRIO 2011
Retail Banking
JOE GARNER 2016
Retail Banking/Telecommunications
ROSS MCEWAN 2013****
Retail Banking/ Insurance
NATHAN BOSTOCK 2014
Retail/Wholesale Banking (ACA)
BILL WINTERS, CBE 2015
Investment Banking
ED – CFO
TUSHAR MORZARIA 2013
Wholesale Banking (ACA)
EWEN STEVENSON 2019
Wholesale Banking/ Finance
GEORGE CULMER 2012*
Insurance/Finance (ACA)
MARK RENNISON 2007***
Professional Services/Finance (FCA)
KATIE MURRAY 2018
Retail/Wholesale Banking (CA)/Insurance
ANTONIO ROMAN 2017*****
Retail Banking
ANDY HALFORD 2014
Telecommunications/Finance (FCA)
EXECUTIVE DIRECTOR
MARC MOSES 2014
Wholesale Banking/Risk
JUAN COLOMBÁS 2013
Retail/Wholesale Banking/Risk
TONY PRESTEDGE 2007 (DEPUTY CEO)
Retail/Wholesale Banking
SUSAN ALLEN 2019
Retail/Corporate Banking
EXECUTIVE DIRECTOR
CHRIS RHODES 2009
Retail/Wholesale Banking/Finance (ACA)
Source: Annual Reports, BoardEx, Ridgeway Partners Market Analysis. By Simon Mee, Ridgeway PartnersNote: Boards continue to change. Reflects the market as of July 2019. * Retirement announced 25/10/2018. Will be replaced by William Chalmers mid 2019. ** Will leave the Board in mid 2019.*** Announced his intention to retire on 21/5/2019. Will be replaced by Chris Rhodes in Autumn 2019.**** Announced 25/4/2019 that he will leave RBS. Will stay until successor appointed.***** Announced that Madhukar Dayal will take over this role in September 2019.
BOSTON • GLASGOW • LONDON • NEW YORK UK Bank Boards Analysis July 2019 | 5
Ring-Fenced and Non-Ring-Fenced Bank Boards Analysis as of July 2019Note: These are the subsidiary Boards of four of the Banks listed in Table 1A.
They are not included in the analytics due to the overlap of Board members.1bBARCLAYS BANK UK PLC RING-FENCED
BARCLAYS BANK PLC NON-RING-FENCED
HSBC UK RING-FENCED
HSBC BANK PLC NON-RING-FENCED
LLOYDS BANK PLC* RING-FENCED
LLOYDS BANK CORPORATE MARKETS NON-RING-FENCED
NATWEST HOLDINGS LTD RING-FENCED
NATWEST MARKETS NON-RING-FENCED
CHAIR
SIR IAN CHESHIRE 2018
Retail
NIGEL HIGGINS 2019
Investment Banking
DAME CLARA FURSE 2018 (REMUNERATION CHAIR)
Wholesale Banking/Markets
STEPHEN O’CONNOR 2018 (REMUNERATION CHAIR)
Investment Banking
LORD NORMAN BLACKWELL 2012
UK Government
LORD JAMES LUPTON CBE 2018
Investment Banking
SIR HOWARD DAVIES 2018
Regulator
FRANK DANGEARD 2018*****
Investment Banking/Telecoms
NED
ANDREW RATCLIFFE 2018 (AUDIT CHAIR)
Audit
JEREMY SCOTT 2018 (AUDIT CHAIR)
Audit
JIM COYLE 2018 (AUDIT CHAIR)
Retail/Commercial Banking
JOHN TRUEMAN 2018 (DEPUTY CHAIR)
Investment Banking
ANITA FREW 2010 Metals/Mining/
Asset Management
ANDREW MCINTYRE 2018 (AUDIT CHAIR)
Audit
GRAHAM BEALE, CBE 2018 (SID)
Retail Banking
VIVEK AHUJA 2018 (RISK CHAIR)
Retail/Wholesale Banking/Finance
NED
DAVID THORBURN 2018 (RISK CHAIR)
Retail/Commercial Banking
PETER BERNARD 2018 (RISK CHAIR)
Investment Banking
MRIDUL HEGDE 2018 (RISK CHAIR)
Government/Regulatory
DR ERIC STRUTZ 2018 (RISK CHAIR)
Investment Banking
NIGEL HINSHELWOOD 2019 (SID)
Retail/Commercial Banking
JOHN CUMMINS 2018 (RISK CHAIR)
Retail/Commercial Banking/Insurance
PATRICK FLYNN 2018 (AUDIT CHAIR)
Retail/Wholesale Banking
BRENDAN NELSON 2018 (AUDIT CHAIR)
Audit (ACA)
NED
MICHAEL JARY 2018 (REMUNERATION CHAIR)
Retail/Strategy
HELENE VLETTER-VAN DORT 2018 (REMUNERATION CHAIR)
Legal
DAME DENISE HOLT 2018
Diplomatic
ANDREW WRIGHT 2018 (AUDIT CHAIR)
Finance/Investment Banking
ALAN DICKINSON 2014 (RISK CHAIR)
Retail/Wholesale Banking
JOHN OWEN 2018 (REMUNERATION CHAIR)
Wholesale Banking
BARONESS SHEILA NOAKES, DBE 2018 (RISK CHAIR)
Audit/Government (ACA)
TAMSIN ROWE 2019
Investment Banking/HR
NED
AVID LARIZADEH DUGGAN 2018
Technology/Venture Capital
HELEN KEELAN 2018
Technology/Financial Services (FCA)
ALAN KEIR 2018
Retail/Commercial Banking
DAME MARY MARSH 2018
Charity
SIMON HENRY 2014 (AUDIT CHAIR)
Oil and Gas/Finance
CARLA ANTUNES DA SILVA 2018 (LLOYDS EXEC)
Investment/Wholesale Banking
ROBERT GILLESPIE 2018 (REMUNERATION CHAIR)
Wholesale Banking (ACA)
SARAH WILKINSON 2018
Investment Banking/IT
NED
KATHRYN MATTHEWS 2018
Investment Management
MARIA RICHTER 2018
Investment Banking
ROSEMARY LEITH 2018
Technology/Financial Services
YUKIKO OMURA 2018
Investment Banking
STUART SINCLAIR 2016 (REMUNERATION CHAIR)
Retail Banking
JENNIFER TIPPIN 2018 (LLOYDS EXEC)
Retail/Commercial Banking
FRANCESCA BARNES 2018
Investment Banking
NED
SIR JOHN TIMPSON, CBE 2018
Retail
ALEX THURSBY 2018
Wholesale Banking
DAVID LISTER 2018
Consumer Goods/IT
LORD JAMES LUPTON, CBE 2017
Investment Banking
IAN CORMACK 2018
Investment Management
NED
CHRIS PILLING 2018
Retail Banking
LESLIE VAN DE WALLE 2018
Retail/Oil and Gas
SARAH BENTLEY 2019
Strategy/Operations/Technology
ALISON DAVIS 2018
Financial Services/Technology
NED
BRENDAN GILLIGAN 2019
Retail/Commercial Banking
MORTEN FRIIS 2018
Capital Markets/Risk
NED
AMANDA MACKENZIE OBE 2018
Insurance/Utilities/ Advertising
YASMIN JETHA 2018
Retail Banking
NEDNICK PRETTEJOHN 2014
Insurance
MIKE ROGERS 2018
Retail Banking/Insurance
NED SARA WELLER CBE 2012
Retail
MARK SELIGMAN 2018
Investment Banking
NED
DR LENA WILSON, CBE 2018
Government/Investment Banking
ED – CEO
MATT HAMMERSTEIN 2019
Retail Banking/ Consulting
JES STALEY 2019 (INTERIM CEO)
Wholesale Banking
IAN STUART 2018
Retail/Commercial Banking
JAMES EMMETT 2018**
Commercial Banking
ANTÓNIO HORTA-OSÓRIO 2011
Retail Banking
MARK GRANT 2018
Wholesale Banking
ROSS MCEWAN 2018****
Retail Banking/Insurance
CHRIS MARKS 2018
Corporate/Commercial Banking
ED – CFO
RUPERT FOWDEN 2019 (ACTING CFO)
Retail Banking
STEVE EWART 2018
Investment Banking
DAVID WATTS 2018
Retail/Commercial Banking
JACQUES FLEURANT 2018**
Finance
GEORGE CULMER 2012***
Insurance/Finance (ACA)
CHRIS EDIS 2019
Retail/Wholesale Banking
KATIE MURRAY 2018
Retail Banking
RICHARD PLACE 2018
Investment Banking
EXECUTIVE DIRECTOR
JAMES CALLADINE 2018
Retail/Commercial Banking
PETER REID 2018**
Finance/Commercial Banking
JUAN COLOMBÁS 2013
Retail/Wholesale Banking/Risk
ALISON ROSE 2018
Wholesale Banking
Source: Annual Reports, BoardEx, Ridgeway Partners Market Analysis. By Simon Mee, Ridgeway PartnersNote: Boards continue to change. Reflects the market as of July 2019. * At Lloyds Banking Group, The Group Board effectively operates as the ring-fenced bank board, but with three additional independent NEDs** These executives attend the Board, but are not members of the Non-Ring-Fenced Board*** Retirement announced 25/10/2018. Will be replaced by William Chalmers mid 2019.**** Announced 25/4/19 that he will leave RBS. Will stay on this board until successor appointed. ***** Acts as an observer at the Natwest Holdings Ltd BoardNote: Santander have a ring-fenced Board that essentially mirrors their main Board.
Key: NAME Year of joining board Nationality Business background Red highlights female
Table
6 | BOSTON • GLASGOW • LONDON • NEW YORK UK Bank Boards Analysis July 2019
Mid-Sized Listed UK Bank Boards Analysis as of July 20192CHAIR
SIR MALCOLM WILLIAMSON 2017
Retail/Wholesale Banking/Credit Cards
MIKE BIGGS 2017
Insurance (ACA)
JIM PETTIGREW 2012
Retail Banking/Asset Management/Insurance (FCA)
VERNON HILL II 2010
Retail Banking
DAVID WEYMOUTH 2017
Retail Banking/Insurance/IT
FIONA CLUTTERBUCK 2012
Investment Banking
THE RT HON. THE LORD FORSYTH OF DRUMLEAN 2014
Government/Wholesale Banking
NED
PHILIP JENKS 2009 (DEPUTY CHAIR)
Retail Banking
GEOFFREY HOWE 2011 (SID)
Law
DAVID BENNETT 2015 (SID & DEPUTY CHAIR)
Retail Banking
SIR MICHAEL SNYDER 2015 (SID & AUDIT CHAIR)
Audit
ROD DUKE 2012 (SID)
Retail Banking/ Operations FLIBF
PETER HARTILL 2011**** (SID & AUDIT CHAIR)
Audit (ACA)
PAUL MARROW 2011 (SID & RISK CHAIR)
Retail/Commercial Banking
NED
NOËL HARWERTH 2017 (SID)
Insurance/Wholesale/Investment Banking
OLIVER CORBETT 2014 (AUDIT CHAIR)
Investment Banking/Insurance (FCA)
CLIVE ADAMSON 2016 (RISK CHAIR)
Financial Services/Regulator
GENE LOCKHART JR 2010 (RISK CHAIR)
Retail Banking (AICPA)
GRAHAM ALLATT 2014 (RISK CHAIR)
Retail/Wholesale Banking (FCA)
FINLAY WILLIAMSON 2014 (RISK & COMPLIANCE CHAIR)
Retail Banking (ACA)
ANN BERRESFORD 2016 (AUDIT CHAIR)
Oil and Gas/Retail Banking (ACA)
NED
IAN WARD 2015 (REMUNERATION CHAIR)
Building Society
LESLEY JONES 2013 (RISK CHAIR)
Wholesale Banking/Risk
ADRIAN GRACE 2014 (REMUNERATION CHAIR)
Insurance
ROGER FARAH 2014 (REMUNERATION CHAIR)
Retail
ERIC ANSTEE 2015 (AUDIT CHAIR)
Wholesale Banking/Energy/Audit (FCA)
HUGO TUDOR 2014 (REMUNERATION CHAIR)
Fund Management (ACA)
VICTORIA STEWART 2016 (REMUNERATION CHAIR)
Asset management
NED
TIM BROOKE 2015 (RISK CHAIR)
Investment Banking/Building Society/Audit
BRIDGET MACASKILL 2013 (REMUNERATION CHAIR)
Investment Management
TIM WADE 2016 (AUDIT CHAIR)
Retail Banking (FCA)
STUART BERNAU 2010
Retail Banking
SARAH HEDGER 2019
Investment/Commercial Banking
BARBARA RIDPATH 2017
Wholesale Banking/Credit Rating Agency
PAUL MYERS 2018
Retail/Commercial Banking
NED
RAJAN KAPOOR 2016 (AUDIT CHAIR)
Retail/Wholesale Banking (FCA)
PETER DUFFY 2019
Digital/Travel/Retail/Wholesale Banking
PAUL COBY 2016
Retail/IT
CATHERINE BROWN 2018
Retail Banking/Private Equity
MARY MCNAMARA 2014 (REMUNERATION CHAIR)
Wholesale Banking
GRAEME YORSTON 2017
Retail Banking
BARONESS LUCY NEVILLE ROLFE DBE, CMG 2018
Retail/Government
NED
GEETA GOPALAN 2018
Retail/Corporate Banking/Technology (ACA)
BEN GUNN 2010
Insurance
MARGARET HASSALL 2016
IT/Retail and Wholesale Banking
NEDFIONA MACLEOD 2016
Oil and Gas
MONIQUE MELIS 2017
Regulatory
NED
DARREN POPE 2018
Retail Banking/Finance (ACCA)
PAUL THANDI 2019
Events/Media
NED
DR TERESA ROBSON-CAPPS 2014
Retail Banking/Retail/Telecommunications/IT (CIMA)
NED
AMY STIRLING 2018
Telecoms/Media/Financial Services/Finance (FCA)
ED – CEO
IAN LONERGAN 2008
Consumer Finance/Audit
PREBEN PREBENSEN 2009
Investment Banking/Insurance
DAVID DUFFY 2015
Retail/Wholesale Banking
CRAIG DONALDSON 2010
Retail Banking
ANDY GOLDING 2012
Retail Banking
NIGEL TERRINGTON 1990
Investment/Wholesale Banking
PAUL LYNAM 2010
Retail/Commercial Banking
ED – CFO
SEBASTIEN MALONEY 2010
Investment Banking/Consumer Finance/Audit (CA)
MIKE MORGAN 2018
Wholesale Banking/Insurance/Finance (ACA)
IAN SMITH 2014
Audit DAVID ARDEN 2018
Retail Banking (CIMA)
APRIL TALINTYRE 2012
Wholesale Banking/Audit (ACA)
RICHARD WOODMAN 2012
Wholesale Banking (CIMA)
NEERAJ KAPUR 2011
Retail/Wholesale Banking/Finance (FCA)
EXECUTIVE DIRECTOR
PETER ELCOCK 2015
Retail/Wholesale Banking
ELIZABETH LEE 2012**
Law
JOHN HERON 2003*****
Retail/Wholesale Banking
Source: Annual Reports, BoardEx, Ridgeway Partners Market Analysis. By Simon Mee, Ridgeway PartnersNote: Boards continue to change. Reflects the market as of July 2019. * Charter Court and OneSavings Bank have agreed a merger.** Retirement announced 19/10/18. Stepping down 31/7/2019.*** CYBG and Virgin Money continue their integration. The intention is to migrate to the Virgin Money brand over time.****Announced 22/5/2019. Will be stepping down from board at AGM in 2020.*****Announced 22/5/2019 Will be retiring from board in early 2020.
Key: NAME Year of joining board Nationality Business background Red highlights female
Table
* *** *
BOSTON • GLASGOW • LONDON • NEW YORK UK Bank Boards Analysis July 2019 | 7
Subsidiary/Private Equity/Hedge Fund backed UK Boards Analysis as of July 20193CHAIR
PATRICK BUTLER 2018
Consulting/Financial Services
ROBERT SHARPE 2016
Retail Banking
BOB DENCH 2018
Insurance/Retail Banking
ROGER DAVIS 2013
Retail Banking
JOHN CALLENDER 2018
Retail/Wholesale Banking
GRAHAM PIMLOTT, CBE 2008
Wholesale and Retail Banking/Law
RICHARD MEDDINGS 2017
Wholesale Banking (ACA)
NED
DANUTA GRAY 2014 (SID)
Telecommunications
JOHN MALTBY 2015 (RISK CHAIR)
Retail Banking
DEREK WEIR 2014 (SID & RISK CHAIR)
Retail/Wholesale Banking
PETER CLARKE 2018 (SID & REMUNERATION CHAIR)
Investment Management
ROBIN ASHTON 2011 (SID & REMUNERATION CHAIR)
Retail/Commercial Banking (ACA)
JIM WILLENS 2017 (SID & REMUNERATION CHAIR)
Retail Banking
DAME SANDRA DAWSON, DBE 2014 (SID & REMUNERATION CHAIR)
Academic
NED
JOHN HITCHINS 2014 (AUDIT CHAIR)
Audit (FCA)
JOHN BAINES 2018 (AUDIT CHAIR)
Retail/Wholesale Banking. (ACA)
GLYN SMITH 2016 (AUDIT CHAIR)
Retail Banking (ACA)
CAROLE BUTLER 2018 (AUDIT CHAIR)
Wholesale/Private Banking
ANDREW DIDHAM 2017 (AUDIT CHAIR)
Finance/Commercial Banking (FCA)
JIM MCCONVILLE 2014 (AUDIT CHAIR)
Insurance/Retail Banking/Finance (ACA)
POLLY WILLIAMS 2014 (AUDIT CHAIR)
Audit (ACA)
NED
PETER SHAW 2014 (RISK CHAIR)
Retail Banking/Risk
IAN BUCHANAN 2018
Retail/Wholesale Banking/IT
WILLIAM THOMAS 2013 (REMUNERATION CHAIR)
IT
GUY THOMAS 2017 (RISK CHAIR)
Retail Banking (ACA)
PAUL LAWRENCE 2015 (RISK CHAIR)
Wholesale Banking
ROBERT ENDERSBY 2014 (RISK CHAIR)
Wholesale/Retail Banking
ANDREW SIMMONDS 2018 (RISK CHAIR)
Wholesale/Retail Banking
NED
CATHY TURNER 2014 (REMUNERATION CHAIR)
Retail/Wholesale Banking
MIMI KUNG 2017
Retail Banking
SUE HARRIS 2019
Retail Banking/Retail
GWYN BURR 2013
Retail
CEDRIC DUBOURDIEU 2017
Private Equity
GIOVANNI (JOHN) CASTAGNO 2016
Insurance
DR PAULINA BEATO 2017
Financial Regulation/Utilities
NED
HENRY KELLAN 2018
Retail/Wholesale Banking (ACA)
PHILIP MOORE 2018
Insurance/Finance
PAUL COPLEY 2018
Audit/Banking (CA)
MARCIA CAMPBELL 2013
Insurance
ROGER LOVERING 2013
Retail Banking (ACA)
JACQUI FERGUSON 2018
Technology
GRAEME HARDIE 2016
Retail Banking
NED
ALAN PULLINGER 2018
Retail/Wholesale Banking
JACKIE NOAKES 2018
Retail Banking/Insurance
ANGIE RISLEY 2016
Retail/Retail Banking/Leisure/HR
LINDSEY MCMURRAY 2011
Private Equity
SIMON MACHELL 2013
Insurance (FCA)
MIQUEL MONTES 2015
Retail/Commercial Banking/IT
NEDMYLES O’GRADY 2019
Retail/Commercial Banking
JOHN ROGERS 2013
Retail/Finance
AMANDA RENDLE 2016
Marketing/Retail and Commercial Banking
DR STEPHEN PAGE 2017
Business/Technology Strategy
NEDMICHAEL ROSS 2015
Retail/Digital
ALAN STEWART 2017
Retail (ACA)
TOMÁS VARELA 2015
Retail Banking/Insurance (CPA)
ED – CEO
PHILLIP MONKS, OBE 2009
Retail/Wholesale Banking
IAN MCLAUGHLIN 2019
Retail Banking
ANDREW BESTER 2018
Wholesale Banking
JIM BROWN 2019** (CEO DESIGNATE)
Retail/Commercial Banking
IAN COWIE 2018
Commercial Banking
GERRY MALLON 2018
Retail Banking
DEBBIE CROSBIE 2019
Retail/Commercial Banking
ED – CFO
JAMES MACK 2013
Retail Banking/Finance
THOMAS MCAREAVEY 2017
Retail/Commercial Banking
MICHAEL LARKIN 2018
Retail/Wholesale Banking
DYLAN MINTO 2017
Retail/Commercial Banking/Audit (FCA)
DECLAN HOURICAN 2016
Retail/Wholesale Banking/Insurance (FCA)
RALPH COATES 2016
Retail Banking/Finance (ACA)
EXECUTIVE DIRECTOR
CHRISTINE PALMER 2016
Risk/Wholesale Banking
NEIL FULLER 2015
Retail Banking/Risk
GRAEME FORRESTER 2017
Retail/Wholesale Banking/Risk
RICHARD HENDERSON 2017
Retail Banking/Risk (FCA)
EXECUTIVE DIRECTOR
DAVID JONES 2016
Retail Banking
EXECUTIVE DIRECTOR
Source: Annual Reports, BoardEx, Ridgeway Partners Market Analysis. By Simon Mee, Ridgeway PartnersNote: Boards continue to change. Reflects the market as of July 2019. * Nick Slape is the CFO but is not a Board Member.** Joined mid June, subject to regulatory approval.
Key: NAME Year of joining board Nationality Business background Red highlights female
Table
*
8 | BOSTON • GLASGOW • LONDON • NEW YORK UK Bank Boards Analysis July 2019
CHAIRGARY HOFFMAN 2018
Insurance/Retail Banking
ROBIN ASHTON 2013
Retail/Commercial Banking (ACA)
ROBERT EAST 2011
Retail/Commercial Banking
JOHN HEAPS 2014
Legal
PATRICK KENNEDY 2010
Betting/Consumer Goods (ACA)
RICHARD PYM CBE 2014
Retail Banking (ACA)
NED
PETER AYLIFFE 2013 (DEPUTY CHAIR)
Retail Banking
GARETH HOSKIN 2015 (SID, VICE CHAIR & AUDIT CHAIR)
Insurance/Audit (ACA)
MARK LUND 2016 (DEPUTY CHAIR)
Wealth Management
MARK PAIN 2013 (SID, DEPUTY CHAIR & AUDIT CHAIR)
Retail Banking/Construction (FCA)
SIR PATRICK HAREN 2012 (SID, DEPUTY & REMUNERATION CHAIR)
Utilities
CATHERINE WOODS 2010*** (SID & DEPUTY CHAIR)
Investment Banking
NED
JO KENRICK 2017 (SID & REMUNERATION CHAIR)
Construction/Retail/Marketing
DAVID FISHER 2012 (RISK CHAIR)
Retail Banking
DENIS HALL 2017 (RISK CHAIR)
Wholesale/Retail Banking
NEETA ATKAR 2017 (RISK CHAIR)
Risk/Retail Banking
RICHARD GOULDING 2017 (RISK CHAIR)
Investment/Wholesale Banking
PETER HAGAN 2012**** (RISK CHAIR)
Investment Banking
NED
MARTIN STEWART 2018 (RISK CHAIR)
Retail Banking/Regulator
LYNN MCMANUS 2017 (REMUNERATION CHAIR)
Retail Banking (CIMA)
RICHARD COATES 2017 (AUDIT CHAIR)
Audit / Building Society (ACA)
GUY PARSONS 2013 (REMUNERATION CHAIR)
Leisure
PATRICK MULVIHILL 2011 (AUDIT CHAIR)
Investment Banking (CA)
SANDY KINNEY PRITCHARD 2019 (AUDIT CHAIR)
Audit/Consulting (ACA)
NED
IRAJ AMIRI 2018 (AUDIT CHAIR)
Audit/Assurance (ACA)
ANNETTE BARNES 2019
Retail Banking
HELEN STEVENSON 2013 (REMUNERATION CHAIR)
Retail Banking/Consumer Goods
GUY BAINBRIDGE 2019
Audit/Financial Services (FCA)
EVELYN BOURKE 2018
Insurance/Healthcare
JIM O’HARA 2010***** (REMUNERATION CHAIR)
Technology
NEDCATHERINE DORAN 2016
IT/Business/Retail Banking
IAIN CORNISH 2019
Retail Banking/ Building Society
AMANDA BURTON 2016
Legal
ALISON HUTCHINSON, CBE 2015
Retail Banking
IAN BUCHANAN 2018
Retail/Wholesale Banking/IT
TOM FOLEY 2012
Wholesale/Retail Banking (FCA)
NEDSHAMIRA MOHAMMED 2019
Insurance
JOHN HUNT 2015
Retail/Wholesale Banking
DENISE COCKREM 2015
Insurance/Finance (ACA)
GORDON IRELAND 2015
Audit (FCA)
EILEEN FITZPATRICK 2019
Asset Management/Stockbroking
CAROLAN LENNON 2016
Telecommunications
NEDPHILIP JENKS 2012
Retail Banking
HEATHER JACKSON 2018
Retail Banking/Retail/IT
FIONA MULDOON 2015
Insurance (FCA)
BRENDAN MCDONAGH 2016
Retail/Wholesale Banking
NEDSTEVE PATEMAN 2018
Wholesale/Retail Banking
HELEN NORMOYLE 2016
Retail/Media/Government
NEDANN O’BRIEN 2019
Consulting
NEDRAJ SINGH 2019
Insurance/Asset Management
ED – CEO
MARK PARSONS 2014
Retail Banking/Consultancy (CIMA)
RICHARD FEARON 2016
Retail Banking/Consulting
DAVID CUTTER 2000
Building Society (ACA)
MIKE REGNIER 2014
Retail Banking
FRANCESCA MCDONAGH 2017
Retal/Wholesale Banking
DR COLIN HUNT 2019
Retail Banking/Investment Banking
ED – CFO MICHELE FAULL 2017
Retail Banking/Consultancy (ACCA)
BOBBY NDAWULA 2015
Building Society (ACA)
ALASDAIR LENMAN 2017
Retail Banking/Insurance (ACMA)
ANDREW KEATING 2012**
Retail Banking (CA)
DONAL GALVIN 2019
Wholesale Banking
ED
PETER FROST 2012
Retail Banking
ANDREW GREENWOOD 2015
Building Society
ANDREW BOTTOMLEY 2016
Retail Banking/Building Society
STEPHEN WHITE 2016
Retail Banking
TÓMAS O’MIDHEACH 2019 (DEPUTY CEO)
Retail Banking/Wholesale Banking (ACCA)
EDANDY DEEKS 2017
Retail Banking
KAREN WINT 2012
Building Society
IAN CORNELIUS 2012
Wholesale Banking/Building Society
Source: Annual Reports, BoardEx, Ridgeway Partners Market Analysis. By Simon Mee, Ridgeway Partners Note: Boards continue to change. Reflects the market as of July 2019.* Andrew Conroy is Interim CFO and is not a Board member.** Announced that he will leave this role in June 2019.*** Announced intention to step down from board October 2019.**** Announced intention to step down from board in July 2019.***** Announced intention to step down from board in October 2019.
Larger UK Building Societies and Leading Irish Bank Boards Analysis as of July 20194 Key: NAME Year of joining board Nationality Business background Red highlights female
Table
*
BOSTON • GLASGOW • LONDON • NEW YORK UK Bank Boards Analysis July 2019 | 9
CHAIR
BRIDGET ROSEWELL, CBE 2014 (REMUNERATION CHAIR)
Government/Economist
ALAN COOK, CBE 2017
Insurance/Post/Retail Banking
GARY HOFFMAN 2019
Insurance/Retail Banking
CYRUS ARDALAN 2015 (REMUNERATION CHAIR)
Investment Banking
OLIVER STOCKEN, CBE 2015
Retail/Wholesale Banking
MATT COOPER 2014
Retail Banking
PETER HERBERT 2018
Retail/Commercial Banking
NED
LAUREL POWERS-FREELING 2015 (SID)
Retail Banking
MATT SYMONDS 2017 (SID & REMUNERATION CHAIR)
Consulting
TIM BROOKE 2015 (SID & AUDIT CHAIR)
Retail/Wholesale Banking/Audit
ROBERT BURGESS 2015 (RISK CHAIR)
Retail Banking/Investment Trust/Fintech
MARK WINLOW 2015 (SID & AUDIT CHAIR)
Financial Services
MICHAEL AMATO 2015 (SID & REMUNERATION CHAIR)
Retail Banking
RICHARD GOULDING 2017 (RISK CHAIR)
Retail/Wholesale/Investment Banking
NED
PATRICIA JACKSON 2014 (RISK CHAIR)
Management Consulting
JOHN GILL 2018 (RISK CHAIR)
Insurance/Retail Banking
KEITH WOOLLARD 2016 (RISK CHAIR)
Retail Banking/Regulatory
NAVTEJ NANDRA 2017 (AUDIT CHAIR)
Investment Banking/Investment Management
STEVE COLSELL 2015 (RISK CHAIR)
Retail Banking/Insurance
JEFFREY PRITCHARD 2018 (RISK & AUDIT CHAIR)
Wholesale/Retail Banking
GAENOR BAGLEY 2019 (AUDIT & REMUNERATION CHAIR)
Audit
NED
DAVID ROPER 2018 (AUDIT CHAIR)
Audit
EMER DALY 2017 (AUDIT CHAIR)
Audit/Insurance (ACA)
AMY KIRK 2017 (REMUNERATION CHAIR)
Retail Banking
TED BERK 2017
Private Equity
VICTORIA RAFFÉ 2015 (REMUNERATION CHAIR)
Regulator
MICHAEL KLIMBACHER 2018
Investment Management
PAUL CUTTER 2018
Betting/Media/Technology
NED
ERGUN OZEN 2016
Retail Banking
EILEEN BURBIDGE, MBE 2015
Technology/Venture Capital
LAZARO CAMPOS 2018
Payments
JEVGENIJS ZAGOROVSKIS 2018
Investment Management
JON HOGAN 2019
Retail/Commercial Banking/Finance
NED
VICTORIA DEL CASTILLO 2018*
Retail Banking
MILES GRIMSHAW 2017
Private Equity
MARCUS TRAILL 2015
Investment Management
NED
CHERYL MILLINGTON 2018
Retail/Retail Banking/IT
NED
IAN ORMEROD 2018*
Retail Banking/Insurance
NED
GONZALO ROMERA 2019
Retail/Wholesale Banking
ED – CEO
MARK MULLEN 2014
Retail Banking
ANDY MIELCZAREK 2017
Retail Banking/Credit Cards
TOM BLOMFIELD 2015
Entrepreneur/Fintech
RISHI KHOSLA 2015
Investment Banking/Investment Research/Fintech Finance
ANNE BODEN MBE 2014
Retail/Wholesale Banking
RICKY KNOX 2015
Entrepreneur/Financial Services
JAIDEV JANARDANA 2014
Credit Cards
ED – CFO
DAVID MCCARTHY 2014
Retail Banking (ACA)
NICK FISHER 2018
Retail/Wholesale Banking/Credit Cards (ACA)
CRISTINA ALBA OCHOA 2017
Wholesale Banking
TONY ELLINGHAM 2016
Retail/Wholesale Banking (ACA)
ANTHONY MURPHY 2019
Retail/Commercial Banking (CIMA)
ED
RICK HUNKIN 2019
Retail Banking
JOEL PERLMAN 2015
Investment Research/Fintech Finance/Consulting
ED
MARK JENKINSON 2018
Technology Consulting
Source: Annual Reports, BoardEx, Ridgeway Partners Market Analysis. By Simon Mee, Ridgeway Partners Note: Boards continue to change. Reflects the market as of July 2019.* These two directors act as alternate investor board members.** Alwyn Jones is the CFO, but is not a Board member.*** Steve Hulme is the CFO, but is not a Board member.
“Neobank”/Fintech UK Bank Boards Analysis as of July 20195 Key: NAME Year of joining board Nationality Business background Red highlights female
Table
** ***
10 | BOSTON • GLASGOW • LONDON • NEW YORK UK Bank Boards Analysis July 2019
Coverage and methodology of the report• We have continued our coverage of the now fully established Ring-Fenced and Non-Ring-Fenced Bank Boards.
• The Ring-Fenced and Non-Ring-Fenced Bank Board members on Table 1b are not included in the analytics/graphs due to the overlap of board members with the group boards.
BOSTON • GLASGOW • LONDON • NEW YORK UK Bank Boards Analysis July 2019 | 11
DD: + 44 (0) 207 823 0160M + 44 (0) 7584 517 596T + 44 (0) 207 823 0177Simon.mee@ridgewaypartners.com www.ridgewaypartners.com
Simon MeeRidgeway Partners110 Buckingham Palace RoadLondon SW1W 9SA
Simon Mee advises clients across retail and commercial banking, payments, fintech and wealth management. He focuses on CEO and Board appointments.
DD: + 44 (0) 207 823 0176M: + 44 (0) 7725 223 589T: +44 (0) 207 823 0177Christine.loughrey@ridgewaypartners.com www.ridgewaypartners.com
Christine LoughreyRidgeway Partners110 Buckingham Palace RoadLondon SW1W 9SA
Christine Loughrey focuses on Exco, general management and finance leadership roles across retail and commercial banking and fintech.
DD: + 44 (0) 207 823 0172M: + 44 (0) 7880 007 372T: +44 (0) 207 823 0177Charlie.clifton@ridgewaypartners.com www.ridgewaypartners.com
Charlie CliftonRidgeway Partners110 Buckingham Palace RoadLondon SW1W 9SA
Charlie Clifton focuses on Exco, general management and risk leadership roles across retail and commercial banking and insurance.
DD: + 44 (0) 207 823 0163M: + 44 (0) 7741 246 565T: +44 (0) 207 823 0177Louise.angel@ridgewaypartners.com www.ridgewaypartners.com
Louise AngelRidgeway Partners110 Buckingham Palace RoadLondon SW1W 9SA
Louise Angel leads our UK board practice and specialises in non executive director, chair and committee chair appointments across all sectors.
DD: + 44 (0) 207 167 6764M: + 44 (0) 7584 487 695T: +44 (0) 207 823 0177Emma.lucas@ridgewaypartners.com www.ridgewaypartners.com
Emma LucasRidgeway Partners110 Buckingham Palace RoadLondon SW1W 9SA
Emma Lucas supports this team, working across retail and commercial banking, payments, fintech and wealth management projects.
DD: + 44 (0) 207 823 0169M: + 44 (0) 7876 882 437T: +44 (0) 207 823 0177Krystyna.nowak@ridgewaypartners.com www.ridgewaypartners.com
Krystyna NowakRidgeway Partners110 Buckingham Palace RoadLondon SW1W 9SA
Krystyna Nowak focuses on chair and non-executive director appointments within financial services and across other sectors.
12 | BOSTON • GLASGOW • LONDON • NEW YORK UK Bank Boards Analysis July 2019
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