Ex-Standard Life chief Nish joins HSBC board

David Nish

Global banking and financial services giant HSBC Holdings said it appointed former Standard Life chief executive David Nish, 55, to its board as an independent non-executive director.

The appointment will take effect from May 1, 2016 and Nish will also be appointed a member of HSBC’s group audit committee.

Nish was chief executive of Standard Life between 2010 and 2015, having originally joined the Edinburgh investment and insurance group as finance director in 2006.

HSBC said that under Nish’s tenure as chief executive, Standard Life was successfully re-positioned to concentrate on its investment management and distribution businesses.

“David led the investment in technology, the complementary acquisitions and the disposal of the group’s Canadian operations which enabled both the transformation of the business as well as a substantial return of capital to shareholders,” said HSBC.

Before Standard Life, Nish was group finance director of Scottish Power.

Nish is a qualified chartered accountant and spent 16 years at Price Waterhouse, the last five as a partner in its audit and transaction practice.

Nish is also currently a non-executive director of Vodafone, London Stock Exchange Group, UK Green Investment Bank and, subject to shareholder approval, Zurich Insurance Group.

“I am delighted to welcome David Nish to the HSBC board,” said HSBC group chairman Douglas Flint.

“David brings considerable relevant experience in financial services as well as in financial accounting and reporting.

“His tenure at Standard Life was marked by business transformation delivering value creation, a combination which HSBC is similarly targeting from its current strategy.

“David also has a wide-ranging understanding of all aspects of corporate governance which will further enhance the contribution he can make to the board.”

Nish’s appointment will be for an initial three-year term which, subject to re-election by shareholders in 2017, will expire at the conclusion of HSBC’s 2020 Annual General Meeting.

“The directors have determined that David Nish is independent,” said HSBC in its statement.

“In making that determination, the directors have concluded that there are no other relationships or circumstances which are likely to affect his judgement and that any relationships or circumstances which could appear to do so were not considered to be material.”