Royal London said on Monday it has hired former Scottish Conservative Party leader Ruth Davidson as non-executive director with effect from June 8, 2021.

Davidson will be paid around £75,000 per annum for board work and another £10,000 for committee work — although in 2021 her fees will be pro-rata for a partial year’s work.

Royal London estimates Davidson will spend around 30 days per year on her new role.

Royal London is the UK’s largest mutual life, pensions and investment company.

It employs more than 1,000 in Scotland and includes the former Scottish Life and Scottish Provident businesses.

Davidson did not to stand for re-election in Edinburgh Central in last week’s Scottish Parliament elections — she has accepted a UK peerage that gives her a seat in the UK’s House of Lords.

Royal London chairman Kevin Parry said: “I am very pleased Ruth has agreed to join the board of Royal London.

“She brings a deep understanding of contemporary societal issues, and is a strong advocate for diversity and a champion of advancing social and environmental responsibility.

“Ruth will be an invaluable and complementary asset to the board as we continue to use our long-term approach as a mutual to shape the way we do business.”

Davidson said: “I love the values and philosophy of mutuals and I am delighted to be joining Royal London, which practises those values every day.

“It is a supportive and responsible employer and, as the UK’s largest mutual life insurer, it takes decisions for the long term, wholly focussed on providing security to its millions of members and policy holders.

“I look forward to championing in the areas of diversity and social responsibility as Royal London continues to develop and deliver excellence.”