Application of the UK Corporate Governance Code for year ended 31 December 2012
The Board remains committed to high standards of corporate governance in directing the Group's affairs and in its accountability to shareholders. The Directors believe these are key to managing our business effectively and delivering shareholder value over the longer term.
The Board considers that, throughout 2012, Standard Life plc has complied with all relevant provisions of Section 1 of the UK Corporate Governance Code issued by the Financial Reporting Council in June 2010.
In response to the Davies review recommendations, in November 2011, the Board approved the following Board Diversity statement:
- believes in equal opportunities and supports the principle that due regard should be had for the benefits of diversity, including gender, when undertaking a search for candidates, both executive and non-executive
- recognises that diversity can bring insights and behaviours that may make a valuable contribution to its effectiveness
- believes that it should have a blend of skills, experience, independence, knowledge and gender amongst its individual members that is appropriate to its needs
- believes that it should be able to demonstrate with conviction that any new appointee can make a meaningful contribution to its deliberations
- is committed to maintaining its diverse composition
- supports the Chief Executive's firm commitment to achieve and maintain a diverse workforce, both throughout the Group and within his Executive Team
In 2011, Standard Life investments, Standard Life plc's wholly-owned subsidiary and a major institutional investor, published a position paper on board diversity.