Stan Chart adds heavy hitting non-execs

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The Independent Online

Standard Chartered, the emerging markets bank, yesterday unveiled a boardroom shake-up designed to ensure it comes in line with the Walker review on banking governance.

The company will expand its board from 13 members to 16 having appointed the former Prime Minister of South Korea Han Seung-Soo, Richard Delbridge, a previous finance director of HSBC, and the finance director of Astrazeneca Simon Lowth as non executive directors.

Jaspal Bindra, head of Asia for the past two years, steps up to the board as executive director in January, while retaining his responsibilities for growth and governance in Asia. Gareth Bullock will step down as an executive director in May.

The company said the three would increase the experience, depth and diversity of its board, and its focus on Asia. It also reflects a general move by banks to increase the financial experience of directors.

Mr Seung-Soo will provide useful guidance in South Korea, where the company is attempting a turn around in what is its third biggest market.

The moves follow what the bank said was “an internal governance review” which has been ongoing throughout this year.

The bank this week sought to play down market fears about its exposure to Dubai saying that while the situation was “developing” it has a low exposure to commercial property and losses should not be “material”.

The shares have been falling recently amid investor concern over Standard Chartered’s operations in the Gulf.

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