Former Standard Life boss Nish to join HSBC board

The former Standard Life chief executive David Nish is to join the board of HSBC on 1 May.

He will serve on the banking giant’s board initially for a three-year term which, subject to re-election by shareholders in 2017, will expire at the conclusion of the 2020 AGM.

He joins as an independent non-executive director, and will sit on the group audit committee.

Nish announced he was stepping down from Edinburgh-based Standard Life in June last year, after six years at the helm, being replaced by Standard Life Investments’ chief Keith Skeoch.

In its latest results Standard Life announced the Mr Nish continues to be paid his £835,000 salary while on gardening leave until 31 March, and will continue to be eligible for his bonus, pro-rated.

He is also currently non-executive director of Vodafone, London Stock Exchange Group, UK Green Investment Bank and will shortly join Zurich Insurance Group.

HSBC Group chairman Douglas Flint said: “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. We very much look forward to him joining us.”