RBS 2013 Annual Report Download - page 39
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Letter from the Chairman
37
In December 2013 we welcomed Robert Gillespie as a new non-
executive director and I am delighted to say that the Board is already
benefitting from Robert’s skills and experience. We are also announcing
alongside our 2013 results some further Board and committee changes to
ensure that we will continue to have an appropriate balance of skills,
experience, independence and knowledge. Philip Scott will step down
from the Board by 31 October 2014 and I would like to thank Philip for the
significant contribution he has made to the Board and the committees he
has served on and especially for his strong leadership of the Board Risk
Committee during a particularly challenging period for RBS. Baroness
Noakes will succeed Philip Scott as Chairman of the Board Risk
Committee with effect from 1 April 2014. Following the 2014 Annual
General Meeting, Penny Hughes will become Chair of the Group
Sustainability Committee replacing Sandy Crombie and Sandy will
become Chairman of the Group Performance and Remuneration
Committee. I would like to thank both Penny and Sandy for their
outstanding commitment and dedication whilst chairing the Group
Performance and Remuneration Committee and Group Sustainability
Committee respectively
Board effectiveness
This year, we conducted an internal evaluation of the effectiveness of the
Board and its committees, led by the Group Secretary. The evaluation
has concluded that the Board is operating effectively but has identified
some areas for improvement which we will focus on during 2014.
The Board also received support from the Group Secretary in a number
of other areas related to board effectiveness such as Board process and
information flows, continuing professional development and induction for
new directors.
Corporate governance
This is the first year that we are required to report under the new
narrative reporting requirements, which include the new Strategic report
and changes in remuneration reporting. Our statement of compliance with
the UK Corporate Governance Code (the “Code”) is set out on page 91.
Finally, as we reflect on another challenging year, I would like to conclude
this letter by recording my sincere thanks towards my fellow Board
members. Being a director of RBS requires extensive time and
commitment, and the readiness to deal with the unusual challenges of a
government controlled listed company. I remain extremely grateful for
their continued support and dedication in working towards the recovery of
RBS.
Philip Hampton
Chairman of the Board of directors
26 February 2014