RBS 2011 Annual Report Download - page 285

RBS Group 2011 283
Bruce Van Saun
Bruce Van Saun’s performance is measured against a number of Group and divisional targets. Bruce continues to perform at the level of a world class
Chief Financial Officer (CFO), providing strong individual and broader finance contribution to the Group’s priority to strengthen the balance sheet and
reduce risk. Group Treasury has facilitated a significant reduction on the Group’s reliance on short-term funding and Bruce Van Saun has displayed
strong leadership on a number of key strategic projects including negotiation of the EU mandated sale of retail branches, the response to the
Independent Commission on Banking (ICB) and the preparations for the divestment of RBS Insurance.
Core objectives Targets for 2011 Progress in 2011
Strategic progress Monitoring/improvement of Group and
Divisional Strategic Plans. Work with
Group Chief Executive on Group
Strategy/M&A and APS compliance
requirements.
Increased effectiveness of strategic planning process resulting in successful
Board offsite and strong contribution to GBM strategy revisions and the APA
analyses.
Strong leadership displayed on key strategic projects including; branch
disposal, ICB response, RBS Insurance divestment. 13 M&A transactions
delivered, with 70% managed by an in house team led by the CFO.
Significant progress made on the Group’s cost-reduction programme, with
further progress targeted for 2012.
Performance against agreed APS objectives was satisfactory and significantly
improved compared with prior year.
Business delivery and
financial performance
Statutory/regulatory/management
reporting. Strategic planning,
budgeting and forecasting. Capital
and funding planning.
Achievement of ‘best in class’ for external reporting within the UK market. Key
contribution to de-risking strategy with significantly reduced reliance on short
term funding and raised £20 billion for 2011 term funding in challenging
conditions. Good interest rate positioning achieved. New central bank and
lending target reporting requirements implemented. Improved capital planning
capabilities, with detailed capital plans developed at Group and UK solo entity
level.
Risk and control Regulatory change impacting capital,
funding, liquidity, improve quality of
risk and financial data.
Strong stewardship over the financial risk and control environment, viewed as a
strong risk partner by risk function. Effective management against FSA liquidity
metrics. Balance sheet substantiation programme completed. Mobilisation of
the FiRST programme, to enhance risk and finance data quality.
Stakeholder management External relationships, including
investors, rating agencies and
regulators.
Strong external feedback received on Investor Relations programme.
Strong engagement with policy makers on the regulatory agenda; stronger
relationship achieved with FSA. Major role in working with the FSA through
capital and liquidity assessments, as well as the ICB response and RBS N.V.
consolidation.
People management Lead upgraded team and build
positive culture.
Key strategic hires made for Group Internal Audit and Group Strategy positions,
which are a key part of upgrade agenda. External hiring complemented by
robust programmes for internal talent implemented across all levels. Number of
key executive positions filled internally in 2011. Strong focus on programmes in
mentoring, diversity and training & development.