Alistair Darling named as Standard Life Foundation appoints Board of Trustees

The Standard Life Foundation has today announced the appointment of its trustees, with former Chancellor of the Exchequer Alistair Darling expected to become Chair.

First announced at the Edinburgh-based insurance giant’s AGM in May this year, the Foundation will focus on independent research to strengthen financial well-being and resilience in the UK.

The charity is being funded using unclaimed cash entitlements and proceeds from the sale of unclaimed shares as a result of Standard Life’s demutualisation in July 2006.

During the past decade Standard Life has made continued efforts to trace those entitled to claim and was successful in uniting over 97 per cent of people with their entitlements before the deadline of 9 July 2016. Standard Life will make a gift of around £80 million to the Standard Life Foundation.

The Foundation has confirmed Howard Davies as its chief executive.

Prior to his appointment Howard led Standard Life’s Public Affairs team and has considerable experience in the area of long-term savings policy.

The Foundation’s Board of Trustees will be made up of six independent trustees and four trustees from Standard Life:

It is expected Alistair Darling will become Chair of the Foundation at the beginning of 2017 and the Foundation will set out the priorities of its work during the course of the year.

*The final amount is dependent on the Standard Life share price at the time the gift is made.