RBS gains expertise in risk and remuneration

by Gill Montia

Story link: RBS gains expertise in risk and remuneration

Royal Bank of Scotland (RBS) has announced the appointment of two non-executive directors.

Philip Scott and Penny Hughes will take up their duties with the 70% state-owned bank on 1st November 2009 and 1st January 2010, respectively.

Mr Scott is expected to assume chairmanship of a new Risk Committee of the RBS Board, once it is established.

He is currently employed as group finance director for Aviva and other credentials include previously having held responsibility for the insurer’s continental European and international life and long-term savings businesses.

Turning to Ms Hughes, she will become a member of the board’s Remuneration Committee, eventually taking the Chair.

She has extensive boardroom experience, having held a number of non-executive positions following her executive career at Coca-Cola.

These include membership of the board of Swedish financial services group, Skandinaviska Enskilda Banken, since 2000.

According to RBS, “her expertise on remuneration will be invaluable at a time when there is increased focus on remuneration practices and policies across financial institutions”.