ROYAL Bank of Scotland completed the overhaul of its boardroom today with the appointment of two more non-executive directors.
They are Philip Scott, outgoing finance director at insurer Aviva, and former Coca-Cola executive Penny Hughes, who is expected to chair the part-nationalised bank’s remuneration committee. She has held similar roles at Swedish bank SEB and Argos owner Home Retail Group.
RBS chairman Sir Philip Hampton said her experience will be "invaluable" at a time when the industry’s pay and bonus practices are under so much scrutiny.
The 50-year-old has also served on the boards of Gap, Vodafone and Reuters.
Sir Philip said Mr Scott had wide-ranging experience of financial services and risk management, having held a number of senior roles at Aviva. He joined the business in 1973 as a trainee actuary for Norwich Union.
Mr Scott will lead RBS’s new risk committee, which has been set up in accordance with the Walker Report on governance of banks.
Following May’s recruitment of Standard Life boss Sir Sandy Crombie, today’s appointments satisfy the bank’s undertaking to the Treasury that it would appoint three new non-executive directors to the board.
Since last October’s Government bail-out, 13 members of the board have left and been replaced by eight new faces, including those in executive positions.
Mr Scott, who is 55, will join the board next month, while Ms Hughes will start work in January. She will become a member of the board’s remuneration committee and in due course will assume the chairmanship.