London – Standard Chartered PLC (the “Company”) today announces changes to its Board.
Dr Linda Yueh (aged 51) has been appointed as an independent non-executive director of the Company with effect from 1 January 2023.
Linda is a renowned economist and financial broadcaster. She has a diverse range of experience and skills across financial services, technology, not for -profit and business to business service sectors. These skills, together with her international perspective and insights are relevant to many of the markets across our footprint. Linda recently served on the Independent Review Panel on Ring-Fencing and Proprietary Trading for HM Treasury, which will bring additional insights in an area of focus for the Company. Linda is a Fellow in Economics at St Edmund Hall, Oxford University and Adjunct Professor of Economics at London Business School and a Visiting Professor at the LSE IDEAS at the London School of Economics and Political Science. As a correspondent, Linda worked with an extensive range of topics as Chief Business Correspondent for the BBC between 2013 and 2015 and the Economics Editor at Bloomberg News from 2010 to 2012.
Since 2017, Linda has built a successful portfolio non-executive career. She currently serves as an independent non-executive director of Rentokil Initial Plc and Segro Plc, both listed on the London Stock Exchange and is Chair of the Baillie Gifford Schiehallion Fund Ltd, an investment company listed on the Specialist Fund Segment of the London Stock Exchange Main Market. Linda will step down from the board of Fidelity China Special Situations Plc where she is currently Senior Independent Director, ahead of joining the Standard Chartered PLC Board. Between 2011 and 2013 Linda held non-executive directorships with Scottish Mortgage Investment Trust Plc, London & Partners Ltd and JPMorgan Asia Growth & Income Plc. Linda is Chair of the Royal Commonwealth Society, a Trustee of Malaria No More UK and a Trustee of the Coutts Foundation.
On appointment, Linda will join our Remuneration and Culture and Sustainability Committees.
The Company also announces that Jasmine Whitbread, independent non-executive Director, Chair of the Culture and Sustainability Committee and member of the Remuneration and Governance and Nomination Committees, has decided not to seek re-election at the 2023 AGM. She will step down at the AGM, by which time she will have begun her ninth year on the Board.
José Viñals, Group Chairman said:
“We are delighted to welcome Linda to the Standard Chartered Board. She is a leading economic expert and will bring experience from a number of industries and insights from across our markets. We look forward to benefiting from Linda’s contributions at the Board and Committee discussions.
We would also like to thank Jasmine for her passion and dedication to the Group during her eight years on the Board. Jasmine has chaired the Culture and Sustainability committee with distinction and played a key role in the work of both the Board and the Remuneration committee. We wish Jasmine all the very best for the future.”
Linda Yueh said:
“I am delighted to be joining the Board of Standard Chartered, I look forward to contributing to the bank’s admirable commitment to sustainable finance and to their support of their customers and communities.”
For further information, please contact:
+44 20 7885 5934
Remuneration statement in relation to Linda Yueh
The independent non-executive directors do not participate in any of the Company’s incentive arrangements. As an independent non-executive director, Linda Yueh will have a contract for services with the Company. Linda Yueh 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 GBP30,000 per annum as a member of the Culture and Sustainability 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 – Linda Yueh
Linda Yueh has no relationship with any other Director, member of senior management or substantial or controlling shareholder of Standard Chartered PLC.
Linda Yueh currently holds no shares in the Company.
Linda Yueh’s appointment as a Director of the Company is subject to annual re-election by shareholders and election at the 2023 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 Linda Yueh’s appointment.
Additional information – Jasmine Whitbread
There are no matters relating to the retirement of Jasmine Whitbread that need to be brought to the attention of the shareholders of the Company.