abrdn PLC Directorate Change (1184D)

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RNS Number : 1184D

abrdn PLC

01 March 2022

abrdn plc

Board changes

abrdn plc announces the following Board changes. Martin Pike and Jutta af Rosenborg will not stand for re-election at the 2022 AGM and will retire at the conclusion of the meeting. Mike O'Brien and Pam Kaur will be appointed to the Board and to the Audit and Risk and Capital Committees with effect from 1 June 2022. Their appointments will be subject to election by shareholders at the AGM on 18 May 2022.

Mike O'Brien has held executive leadership roles within a number of leading global asset managers in London and New York. He retired in 2020 as Co-Head, Global Investment Solutions at JP Morgan Asset Management. Mike brings extensive asset management experience with a key focus throughout his career on innovation and technology driven change in support of better client outcomes. A qualified actuary, during his executive career with JP Morgan Asset Management, BlackRock Investment Management and Barclays Global Investors, he was responsible for developing and leading global investment solutions, distribution and relationship management strategies.

Pam Kaur has over twenty years' experience of leadership roles in business, risk, compliance and internal audit within several of the world's largest and most complex financial institutions during periods of significant change and public scrutiny. In her current role as Group Chief Risk and Compliance Officer at HSBC she is at the forefront of the development and implementation of compliance, audit and risk frameworks and adapting these to changing regulatory expectations.

Commenting on these changes, Sir Douglas Flint, Chairman of abrdn plc, said:

"On behalf of the Board, I would like to thank Jutta and Martin for their dedicated service to abrdn during a period of great change and transformation. As our two longest-serving directors, they were instrumental in the vision that brought Standard Life and Aberdeen Asset Management together and the transformation of the Company to a capital-light business. I have greatly benefited from their experience and knowledge of abrdn's business and wish them well in the next chapters of their careers.

I am delighted to welcome Mike and Pam to our Board. Mike's curiosity and well informed perspectives on the evolution of the asset management sector will be very informative to our strategy discussions and future growth plans. Pam's experience in finance, risk, compliance and audit roles will support the Board in its responsibility to oversee the structure and operation of the group-wide risk and compliance frameworks which are in place across our regions and business vectors".

Following these changes, the Board will comprise two executive directors, nine non-executive directors and the Chairman. The Board will be made up of six women and six men. The Financial Conduct Authority and the Prudential Regulation Authority have been notified of these changes . Mike and Pam's other appointments are listed below and no other information is required to be disclosed pursuant to paragraph LR 9.6.13R of the Listing Rules of the Financial Conduct Authority.

1 March 2022

Enquiries:

 
Media 
 Andrea Ward                       [phone] 
Institutional Equity Investors 
 Catherine Nash                    [phone] 
Group Secretariat 
 Paul McKenna                      [phone] 
 

LEI number of abrdn plc: 0TMBS544NMO7GLCE7H90

Classification: 3.1. Additional regulated information required to be disclosed under the laws of the United Kingdom.

END

Notes to Editors

Mike O'Brien

Non-Executive Director's Fee

Mike's fee as a Non-Executive Director of abrdn plc will be GBP73,500 per annum. His fees as a member of the Audit and Risk and Capital Committees will be GBP17,500 per committee per annum.

Interest in shares

   As at the date of this announcement, Mike does not hold any shares   in abrdn plc. 

Biographical details:

 
Nationality:  Irish 
 
 Education:    Chartered Financial Analyst 
 
               Institute of Actuaries FIA 
 
               Limerick University 
               BSc, Applied Mathematics 
 

Current non-executive Roles

 
 
  2020 - Current                 Carne Global Financial Services 
                                 Limited 
                                 Non-Executive Director 
 
 
  Current other non-executive 
  Roles 
 
  2020 - Current                 Osmosis Investment Management 
                                 Senior Adviser 
 
                                 PPF (Pension Protection Fund) 
                                 Investment Committee in the UK 
                                 Investment Adviser 
 
                                 British Coal Pension Funds 
                                 Investment Adviser 
 
  Previous non-executive Role    Pluribus Labs 
                                 Senior Adviser 
 
                                 Past member of the Board of the 
                                 UK NAPF 
                                 Past member of the UK NAPF Defined 
                                 Benefit Council. 
 
Executive Career summary: 
2010 - 2020                    JP Morgan Asset Management 
                                Co-Head, Global Investment Solutions 
                                CEO, Investment Management EMEA 
                                & Co-Head, Global Investment Solutions; 
                                MD, Global Head of Institutional 
                                Businesses 
 2000 - 2010 
                                BlackRock Investment Management/Barclays 
                                Global Investors 
                                MD, Global Head of Institutional 
                                Businesses EMEA 
 1997 - 2000 
                                Towers Perrin 
                                Investment and Risk Consultant 
                                and Actuary 
 1993 - 1996 
 
                                Coopers & Lybrand 
                                Senior Manager and Actuary 
 1985 - 1992 
 
                                Towers Perrin 
                                Trainee Actuary 
 

Pam Kaur

Non-Executive Director's Fee

Pam's fee as a Non-Executive Director of abrdn plc will be GBP73,500 per annum. Her fees as a member of the Audit Committee and the Risk and Capital Committee will be GBP17,500 per Committee per annum.

Interest in shares

   As at the date of this announcement, Pam does not hold any shares   in abrdn plc. 

Biographical details:

 
Nationality:  British 
 
 Education:    ICAEW 
               Chartered Accountant 
 
               Punjab University 
               MBA & B.Comm. Accountancy 
 

Current listed non-executive Roles

 
2019 - Current  Centrica 
                 Non-Executive Director, member 
                 of the Audit & Risk Committee, 
                 the Nomination Committee and the 
                 S afety, Environment and Sustainability 
                 Committee 
 
  Executive Career summary: 
2013 - to date  HSBC Holdings plc 
                 Group Chief Risk & Compliance 
                 Officer 
                 Head of Wholesale Market and Credit 
                 Risk 
 2011 - 2013     Group Head of Internal Audit 
 
                 Deutsche Bank 
 2006 - 2011     Global Head of Group Audit 
 
                 Royal Bank of Scotland 
                 CFO & COO, Restructuring and Risk 
                 Head of Finance Shared Services 
 2005 - 2006 
 
                 Lloyds TSB 
                 Group Head of Compliance & Anti-Money 
 1990 - 2005     Laundering 
 
                 Citigroup 
                 Various roles, ending as Director 
 1986 - 1990     of Compliance, Global Consumer 
                 Group 
 
                 Ernst & Young 
                 Internal Audit 
 

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March 01, 2022 02:05 ET (07:05 GMT)