Standard Chartered overhauls board

Standard Chartered, the international bank, overhauled its board today and promised to separate its risk and audit committees next year in an attempt to "improve corporate governance", as demanded by the Walker report on banking, published last month.
The bank, one of those most severely exposed to the Dubai financial crisis, has appointed three new non-executive directors, Dr Han Seung-Soo, a former prime minister of South Korea, Simon Lowth, chief financial officer of AstraZeneca, the pharmaceutical company, and Richard Delbridge, a dyed-in-the-wool banker who previously held roles with HSBC, Natwest, and Midland Bank.
Standard Chartered signalled the start of a fresh approach to risk as Gareth Bullock, the group executive director responsible for risk, decided to retire after a 13-year career in the bank.
Richard Meddings, group finance director, takes over responsibility for risk at an executive level.
The bank said that its chief risk officer, Richard Goulding, would report to both Mr Meddings and the board's risk committee.
John Peace, chairman of Standard Chartered, said "Strong corporate governance is essential for delivering sustainable shareholder value ... I am pleased to say that these changes are in line with the Walker Report recommendations."
The bank confirmed the appointment of Rudy Markham as senior independent director and Jaspal Bindra, Standard Chartered's Asian chief executive, as the group executive director, keeping his responsibilities for the Asian market.
Mr Peace said: "We are adding significant financial and banking experience to the board, as well as increasing its diversity to include members with special insight from our key Asian markets."
Standard Chartered also said that it would "significantly enhance" its sustainability and responsibility committee to review risks to the bank's reputation and brand, culture and values and "ethical and social legitimacy" and whether it treated its customers fairly.