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Chairman's Letter DIRECTORS’ REPORT Chairman’ s letter Chairman’s letter “ The Board took the opportunity to examine some of the broader global trends shaping the industry and impacting our business” Dear Shareholder, During the year, the Board continued to deepen its insight into our markets and understand the opportunities and the progress we are This year, the Board, alongside the Management Team, has been making in delivering on our strategic priorities. More detail can be focused on delivering stronger performance with the ultimate objective found on pages 18 and 19. As a Board, we collectively visited three of achieving our purpose – driving commerce and prosperity through very different markets during 2018, holding our meetings in India, our unique diversity. We have continued to make significant progress Nigeria and Korea. Alongside these Board and committee meetings in reshaping and strengthening the Group through 2018, improving we also met with our clients and other stakeholders, including financial returns, enhancing the Group’s resilience and strengthening engaging with our local colleagues. the performance culture and overall culture in line with the Group’s valued behaviours. As a Board, one of our key responsibilities is to set The UK’s Corporate Governance framework has continued to evolve the strategic direction for the Group, approve the strategy and hold with the Financial Reporting Council’s publication of its new UK management accountable for its execution. Corporate Governance Code. The new Code places more emphasis on the application of an updated set of principles focused on the value During 2018, the Board also took the opportunity to examine some of good corporate governance to companies’ long-term success. of the broader global trends shaping the industry and impacting The Governance and Nomination Committee, on behalf of the Board, our business – including geopolitical and economic factors, cyber oversaw the work to assess the impact of the new Code on the threats, the rapidly changing nature of technology and the increasing Group. This included a focus on stakeholders, particularly formalising competition coming from the fintech and Big Tech sectors. This has a mechanism for an effective two-way engagement with our helped us develop a clearer vision of the Group over the long term and workforce. Further details on the review can be found on page 87. better orientate the evolution of our strategy. Some of the key areas We will report against the new Code in full in next year’s Corporate discussed and reviewed by the Board during the year are detailed Governance report; however, where practical to do so we have on page 66. measured ourselves against the new Code this year. While the composition of the Board remained unchanged during As a Group we have taken measures to ensure that following the the year, the Governance and Nomination Committee spent a UK’s departure from the European Union in 2019, we can continue significant amount of time discussing Board succession, in particular supporting our clients across Europe. Securing a full banking licence identifying an independent non-executive director with a diverse and for our new subsidiary in Germany strengthens our footprint in varied background from the Greater China and North Asia region. Europe and supports the growth we expect to achieve in our This wide-ranging search culminated in the appointment of Carlson European business. Tong to the Board on 21 February 2019. Carlson has over 30 years’ experience operating in one of our key regions and with significant The Board delegates certain responsibilities to its committees for their experience and knowledge of the financial services sector in mainland more detailed oversight and receives updates throughout the year on China and Hong Kong. More details on Carlson and the other Board how they discharge their responsibilities. Further details on the areas members can be viewed on pages 57 to 59. each committee has considered during 2018 can be found in the individual committee sections within this report. Alongside Carlson’s appointment we announced Dr Han Seung-soo’s retirement from the Board. I would like to take this opportunity to thank Dr Han for his substantial contributions to the Group over the past nine years, as well as his considerable insight into Asia, particularly Korea. Om Bhatt also stepped down from the Board as an independent non-executive director. I would like to thank Om for his important contribution to the Group over the past six years, in particular his José Viñals insight into banking and India. Group Chairman Standard Chartered 56 Annual Report 2018 Committee key Committee Chair shown in green report Strategic Board of Directors A Audit Committee Ri Board Risk Committee V Brand, Values and Conduct Committee N Governance and Nomination Committee C Board Financial Crime Risk Committee R Remuneration Committee José Vials (64) Appointed: October 2016 and Bank of Spain, where he rose to be Counsellor and the Director of the Group Chairman Group Chairman in December 2016 the Deputy Governor. José has held Monetary and Capital Markets many other board and advisory Department and was responsible Experience: José has substantive positions including Chair of Spain’s for the oversight and direction of experience in the international Deposit Guarantee Fund, Chair of the the IMF’s monetary and financial regulatory arena and has exceptional International Relations Committee at sector work. He was the IMF’s chief understanding of the economic, the European Central Bank, member spokesman on financial matters, financial and political dynamics of of the Economic and Financial including global financial stability. our markets and of global trade, DIRECTORS REPORT Committee of the European Union, and a deep and broad network of During his tenure at the IMF, and Chair of the Working Group on decision-makers in the jurisdictions José was a member of the Plenary Institutional Investors at the Bank for in our footprint. and Steering Committee of the International Settlements. José joined Financial Stability Board, playing a Career: José began his career as an the International Monetary Fund ’ key role in the reform of international economist and as a member of the (IMF) in 2009 and stepped down financial regulation. faculty at Stanford University, before in September 2016 to join Standard spending 25 years at the Central Chartered PLC. He was the Financial Committees: N Bill Winters, CBE (57) Appointed: June 2015 bank from 2004 until he stepped asset management firm, where he down in 2009. Bill was invited to was chairman and CEO. He stepped Group Chief Executive Experience: Bill is a career banker be a committee member of the down on appointment to the with significant frontline global Independent Commission on Standard Chartered PLC Board. Risk review and Capital review banking experience and a proven Banking, established in 2010, to track record of leadership and Bill was previously a non-executive recommend ways to improve financial success. He has extensive director of Pension Insurance competition and financial stability in experience of working in emerging Corporation plc and RIT Capital banking. Subsequently, he served markets and a proven record in Partners plc. He received a CBE as an adviser to the Parliamentary spotting and nurturing talent. in 2013. Commission on Banking Standards Career: Bill began his career with and was asked by the Court of the External appointments: Bill is an JP Morgan, where he went on to Bank of England to complete an independent non-executive director become one of its top five most independent review of the bank’s of Novartis International AG. senior executives and later co-chief liquidity operations. In 2011, Bill Bill Winters leads the executive officer at the investment founded Renshaw Bay, an alternative Management Team Financial statements statements Financial Andy Halford (59) Appointed: July 2014 Vodafone’s Northern Europe, Treasury, Group Corporate Middle East and Africa region, Development, Group Investor Group Chief Financial Officer Experience: Andy has a strong and later the chief financial officer Relations, Property and Supply finance background and deep of Verizon Wireless in the US. Chain Management functions. experience of managing complex He was a member of the board international businesses across External appointments: Andy is of representatives of the Verizon dynamic and changing markets. senior independent director and Wireless Partnership. Andy was chair of the audit committee at Career: Andy was finance director at appointed chief financial officer Marks and Spencer Group plc. East Midlands Electricity plc prior to of Vodafone Group plc in 2005, joining Vodafone in 1999 as financial a position he held for nine years. Andy Halford also sits on the director for Vodafone Limited, the As Group Chief Financial Officer Management Team UK operating company. Andy was at Standard Chartered, Andy is later appointed financial director for responsible for Finance, Corporate Supplementary information information Supplementary Naguib Kheraj (54) Appointed: January 2014 and in wealth management, institutional External appointments: Naguib Deputy Chairman Deputy Chairman in December 2016 asset management and investment is Chairman of Rothesay Life, a banking. Naguib was also a Barclays’ specialist pensions insurer. He was Experience: Naguib has significant nominated non-executive director of appointed a member of the Board banking and finance experience. ABSA Group in South Africa and
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