The Board of Directors (the “Board”) of Standard Chartered PLC (the “Company”) today announces the appointment of Dr Ngozi Okonjo-Iweala as an independent Non-Executive Director with effect from 1 November 2017. Ngozi will also join the Board’s Brand, Values and Conduct Committee.
Ngozi (aged 63) has 30 years of economic development and financial expertise. She is an internationally renowned economist and a prominent African leader, who twice served as Finance Minister in Nigeria, Africa’s largest economy and one of our largest African markets. She has played an important role in public finance transparency and has in-depth knowledge of Africa and international affairs.
Ngozi spent 25 years working at the World Bank in various positions. After leaving in 2003, she served as the Finance Minister of Nigeria from 2003 to 2006. She returned to the World Bank in 2007, serving as a Managing Director until 2011, when she was appointed to the role of Minister of Finance and Coordinating Minister of Economy in the Nigerian government, a position she held until 2015. During her time in government she spearheaded Nigeria’s successful program to obtain debt relief and is credited with developing reforms that helped improve governmental transparency to stabilise and grow the Nigerian economy.
Ngozi sits on a number of prestigious international advisory boards including the Asian Infrastructure Investment Bank and is Chair of the Global Alliance for Vaccines and Immunizations (GAVI). She has a Bachelor’s degree from Harvard University and a Masters and PhD from Massachusetts Institute of Technology.
José Viñals, Group Chairman said “Ngozi is a globally recognised African and international figure. She has significant geopolitical, economic, risk and development experience and expertise at a national governmental level and in international organisations, which will provide significant insight and value to the Board. She also has deep knowledge of Africa as well as emerging and developing markets. I am delighted to welcome her to Standard Chartered.”
Remuneration Statement In Relation To Board Appointment
Remuneration statement in relation to Dr Ngozi Okonjo-Iweala
The independent Non-Executive Directors do not participate in any of the Group’s incentive arrangements. Dr Okonjo-Iweala will receive a fee of GBP100,000 per annum for her services as an independent Non-Executive Director, with an additional fee of GBP30,000 per annum as a member of the Brand, Values and Conduct Committee. 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”).
Dr Okonjo-Iweala has no relationship with any other Director, member of senior management or substantial or controlling shareholder of Standard Chartered PLC.
Dr Okonjo-Iweala does not have any interests in shares of the Company.
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 Dr Okonjo-Iweala’s appointment which has been notified as necessary to the regulator.
For further information, please contact:
Jon Tracey - Media queries
Jonathan.Tracey@sc.com +44 20 7885 7613