Last checked at 2 Jul 2018 08:44
Ashmore Group PLC
2 July 2018
DIRECTORATE
Ashmore Group plc ("Ashmore") announces that Peter Gibbs will retire as Chairman and a Director following the Annual General Meeting of the Company on 19 October 2018. After due consideration the Nominations Committee concluded that Peter will be succeeded as Chairman by David Bennett, who is currently the Senior Independent Director. Clive Adamson will become the Senior Independent Director and Chair of the Audit and Risk Committee and Anne Pringle will become Chair of the Remuneration Committee.
David's broad financial services experience together with his knowledge of Ashmore's business gained through his current role as a Non-executive Director since 2014, mean that he is the ideal candidate to ensure strong leadership and continuity for Ashmore's Board of Directors. The Nominations Committee considered David's other commitments and concluded that he would be able to devote sufficient time to the role of Chairman. On appointment as Chairman David will meet the independence criteria under the UK Corporate Governance Code.
Ashmore also announces the appointment of Jennifer Bingham to the Board of Ashmore Group plc ("the Board") as a Non-executive Director effective 29 June 2018. The appointment will be subject to the receipt of the usual regulatory approvals from the Financial Conduct Authority. Following an appropriate induction period Jennifer will join the Audit and Risk, Remuneration and Nomination Committees of the Board. The Board considers Jennifer to be independent on appointment.
Save as disclosed herein, there are no further details required to be disclosed pursuant to Listing Rule 9.6.13 in connection with her appointment.
Following the conclusion of the Annual General Meeting the Board will consist of six directors (two executive and four non-executive) with 33 per cent female representation. The structure of the Board Committees will be as follows:
Audit and Risk | Remuneration | Nominations |
Clive Adamson (C) | Anne Pringle (C) | David Bennett (C) |
Anne Pringle | Clive Adamson | Clive Adamson |
Jennifer Bingham | David Bennett | Anne Pringle |
Jennifer Bingham | Jennifer Bingham |
(C) denotes Chair of the committee
Finally, John Taylor has been appointed Group Company Secretary of Ashmore effective from 29 June 2018 following Michael Perman's retirement.
Ashmore's Legal Entity Identifier (LEI) is 549300U3L59WB4YI2X12.
For further information please contact:
Ashmore Group plc
Paul Measday
Investor Relations +44 (0)20 3077 6278
FTI Consulting
Andrew Walton +44 (0)20 3727 1514
Laura Ewart +44 (0)20 3727 1160
Notes:
Jennifer Bingham (Non-executive Director)
Jennifer Bingham was appointed to the Board on 29 June 2018.
Mrs Bingham is an accountant and between 1992 and 2003 she was a senior executive of Brunswick Capital Management Limited, an investment manager specialising in the Russian equity market. During this period she variously held the offices of Chief Executive, Chief Operating and Chief Financial Officer of the firm.
Since 2003 Mrs Bingham has held finance, administration and investment oversight roles with investment company PCHB Limited (part of the Cundill group of companies) and as Trustee and Chair of the Peter Cundill Foundation.
John Taylor (Group Company Secretary)
John has most recently been the Company Secretary for Hiscox Plc, having joined in 2011. Previously, John was Company Secretary for Pool Reinsurance Company Ltd and held a number of company secretarial appointments within what is now Lloyds Banking Group. John holds an LLB (Hons) in Law and is a Fellow of the Institute of Chartered Secretaries and Administrators (ICSA).