FORMER Standard Life chief executive David Nish has been appointed as an independent non-executive director at HSBC. The former chief executive of Standard Life will be take the role at the company on May 1 on an initial three-year term.
His appointment comes as HSBC begins its search for a new chairman following Douglas Flint’s indication that he would step down next year, though Mr Nish will have no direct involvement in that search.
In line with other non-executive directors at the bank, he will be paid a £95,000 base fee, along with £30,000 for a role as a member of the audit committee.
He was chief executive at Standard Life for six years until last year when Keith Skeoch, who ran the Edinburgh institution’s fund management business, was appointed to the top job. The Glasgow native transformed the business from a life assurer into a leading investment house. Mr Nish’s drive to invest in technology along with complementary acquisitions and the disposal of the group's Canadian operations enabled both the transformation of the business and a substantial return of capital to shareholders. During his tenure market capitalisation at the firm increased from £4.8 billion to £9.3bn.
Mr Nish was previously group finance director of Scottish Power. He is a qualified chartered accountant and spent 16 years at Price Waterhouse, the last five as a partner in the audit and transaction practice. He currently holds non-executive director posts at Vodafone, London Stock Exchange Group, UK Green Investment Bank and, from March 31 – subject to shareholder approval – Zurich Insurance Group.
Commenting on the appointment, Douglas Flint said: “David brings considerable relevant experience in financial services as well as in financial accounting and reporting. His tenure at Standard Life was marked by business transformation delivering value creation, a combination which HSBC is similarly targeting from its current strategy. David also has a wide-ranging understanding of all aspects of corporate governance which will further enhance the contribution he can make to the Board.”
With Mr Flint set to step down next year, the company has indicated to shareholders it would break with tradition and appoint a chairman from external candidates. It is also thought that chief executive Stuart Gulliver will depart in 2017. Last month HSBC revealed it would retain its headquarters in the UK, following a 10 month review.
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