Standard Chartered appoints Phil Rivett to Board of Directors

Standard Chartered PLC (LON:STAN) today announces the appointment of Phil Rivett as an independent non-executive director to its Board of Directors. Mr Rivett’s appointment is effective May 6, 2020. He will also join the Company’s Audit and Board Risk Committees.

Mr Rivett has a comprehensive technical understanding and broad financial and business expertise gained over more than 40 years in various senior positions at PricewaterhouseCoopers (PwC), the last seven years of which were as Chairman of the firm’s Global Financial Services Group. He joined PwC as a graduate trainee accountant, becoming Partner in 1986. He spent more than 30 years as a Partner at PwC where he went on to become Leader of the Financial Services Assurance practice in 2007. Mr Rivett was appointed Chairman of its Global Financial Services Group in 2011.

Mr Rivett was the lead relationship partner for several large FTSE 100 companies including, a number of banks and financial services institutions. He retired from PwC in 2018. He previously sat on a number of financial services industry groups producing guidelines for best practice in governance, financial reporting and risk management.

Phil Rivett has a Bachelor of Science degree in Physics from Imperial College, London.

At present, Phil Rivett is an independent non-executive director of Nationwide Building Society and is based in London.

Phil Rivett will receive a fee of GBP105,000 per year for his services as an independent non-executive director, with additional fees of GBP35,000 per year, as a member of the Audit Committee and GBP35,000 per year, as a member of the Board Risk Committee.

Also today, Standard Chartered announced that, after more than seven years as an independent non-executive director on the Board (appointed January 2013), and having participated as a member of the Remuneration Committee in that time, Mr Louis Cheung has decided to step down from the Board. He will retire as a director on March 25, 2020.