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24/09

09 March 2009

Changes to the Financial Services Authority Board


The appointment of Hugh Stevenson as the chairman of the FSA’s committee of non-executive directors (NEDCo) was announced today. 


The Financial Services Secretary, Lord Myners said:


“I am very pleased to announce Hugh Stevenson’s appointment as chairman of the committee of non-executive directors.  He brings a wealth of experience to the role and as a non-executive director at the FSA since 2004 will provide valuable continuity to the position.”


Lord Turner, chairman of the FSA, said:


"I am delighted that Hugh Stevenson will be appointed as chairman of the committee of non-executive directors.  Hugh has been a valuable member of the Board and will bring an extensive understanding of the FSA and our work to this new role."


Hugh Stevenson will step down from the role when he retires from the Board in May 2010. The Treasury and the FSA also announced today that the Board of the FSA will be strengthened through the appointment of two new non-executive directors.  The process to recruit them will commence shortly.

Notes for Editors

1.       The FSA is a company limited by guarantee. The Board is appointed by the Treasury in line with the code of practice issued by the Office of the Commissioner for Public Appointments.  View a list of the current membership of the Board (external link to FSA website).

2.       The majority of the Board members are non-executive. In addition to the Chairman and Chief Executive, there are currently three Managing Director posts and eight non-executive members of the Board.

3.       The statutory role of the non-executive directors is to check that the FSA operates efficiently and economically; oversee FSA’s mechanisms of financial control and to set the pay of the executive members of the Board.  A committee of the Board (NEDCo), consisting solely of the non-executive members, is set up and maintained for the purposes of discharging these functions. The chairman of this committee is appointed by the Treasury from among its members.

Hugh Stevenson joined the FSA Board in June 2004. He is Chairman of Equitas Limited, and Chairman of The Merchants Trust Plc. He is also Chairman of the FSA Pension Plan Trustee Ltd.  He recently retired as the Senior Independent Director of Standard Life Plc.   He was formerly a Managing Director of S.G. Warburg's investment banking business and Chairman of Mercury Asset Management Group plc. He began his career at Linklaters & Paines solicitors after graduating from University College Oxford. He later took the Advanced Management Program at Harvard Business School.

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