Standard Life Aberdeen announce former HSBC chair as new board leader

Sir Douglas Flint, the Glaswegian former chairman of banking giant HSBC has been announced as the next chairman Edinburgh-based financial giant Standard Life Aberdeen.

SLA said Sir Douglas has been appointed as a non-executive director and chairman designate of the Company and will succeed Sir Gerry Grimstone as Chairman on 1 January 2019 when Sir Gerry will stand down from the board.

Sir Douglas retired as group chairman of HSBC Holdings plc on 30th September 2017, having been appointed to that role in December 2010.

For fifteen years prior to this he was HSBC’s group finance director, joining from KPMG where he was a partner.

Between 2005 and 2011 he was also a Non-Executive Director of BP plc.

He was Chairman of the Institute of International Finance from June 2012 to December 2016 and was a member of both the Mayor of Beijing’s and the Mayor of Shanghai’s International Business Leaders’ Advisory Councils.

Amongst other roles he is currently chairman of the Archbishop of Canterbury’s Just Finance Foundation, a director of the Centre for Policy Studies, on the Global Advisory Council of Motive Partners, a fintech specialist investment platform, chairman of the Corporate Board of Cancer Research UK and a Trustee of the Royal Marsden Cancer Charity.

In December 2017 he was appointed by the Chancellor as Special Envoy to China’s Belt and Road Initiative.

He was also recently appointed non-executive chairman and director of IP Group plc, the developer of intellectual property-based businesses.

Commenting on his most recently appointment, Simon Troughton and Melanie Gee, co-chairs of Standard Life Aberdeen’s Appointments Committee, said: “We undertook a rigorous and comprehensive international search to identify Sir Gerry’s successor and we are very pleased that Sir Douglas will join the Board and become its Chairman. His passion for our Company, his strong track record as chairman and his international experience make him an ideal candidate to lead the Board as we continue to build our global investment business.”

The Board added: “We would like to thank Sir Gerry for his years of outstanding service and dedication to both Standard Life and Standard Life Aberdeen. Sir Gerry has been a Director since 2003, and has steered the business through periods of significant challenge and change. His wise counsel and chairmanship has played a pivotal role in our success over this period and he will leave a long-lasting and very positive impact on our business. We wish him all the very best for the future.”

Sir Gerry Grimstone said: “Douglas will make an excellent chairman of Standard Life Aberdeen. I have had the enormous privilege of serving this Company for over 15 years, and been its Chairman for over 11 years. It is a fine company with the most brilliant employees all committed to serving our customers and clients. They all have my very best wishes for the future.”

Sir Douglas added: “I’m delighted to have been asked to lead the Board of Standard Life Aberdeen at this important time in its development. I look forward to working with my fellow Directors and the management team over the coming months and years to continue to shape its future success.”

Following this appointment, the SLA’s board will comprise four executive directors, ten non-executive directors and the chairman, and will be made up of three women and twelve men.