PLSA shrinks board by four in governance overhaul

Jonathan Stapleton
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PLSA shrinks board by four in governance overhaul

The Pensions and Lifetime Savings Association (PLSA) has announced it will shrink its board by more than one-third as part of a governance overhaul to make it "agile and more appropriate".

The trade body said seven of its board members had come to the end of their tenures and would step down from the board. These were: Smart Pension chief operating officer Jamie Fiveash, National Grid Pension Trustees chief executive Chris Hogg; Standard Life head of pensions strategy Jamie Jenkins; former RPMI Railpen head of investments Frank Johnson; Norfolk Pension Fund head Nicola Mark; former PLSA chairwoman Lesley Williams; and Royal Bank of Scotland director of reward, pensions and benefits Carol Young.

The PLSA said HSBC Global Asset Management global head of corporate sector Alison Hatcher; B&CE chief executive Patrick Heath-Lay; and Catherine May - an experienced non-executive director with experience in corporate affairs and governance - would join the board in October.

The association said the new board would comprise eight people in total - noting the overall reduction in numbers was designed to make the board both "more agile and more appropriate for the size of the PLSA".

It added these changes were part of the PLSA's wider governance reforms to "ensure the board has access to a wider skill set beyond pensions but is still guided by PLSA member organisations".

The PLSA said its board will work closely with the newly-created policy board, which will be chaired by Legal and General Investment Management (LGIM) head of defined contribution Emma Douglas. The PLSA said the other members of the policy board will be announced "shortly".

Chief executive Julian Mund said: "The changes to our board are part of wider reforms we have been making to ensure we have the right governance for our association and are able to fulfil our mission of helping everyone achieve a better income in retirement.

"Alison, Patrick and Catherine will bring a fantastic mix of skills to the table and I am excited to work with them to deliver our strategic goals in the years to come."

Chairman Richard Butcher added: "I am very pleased to welcome three new members to the PLSA board with such extensive and broad experience. I am certain Alison, Patrick and Catherine's expertise will ensure we can build on the hard work of the association to date and continue to represent the interests of our members.

"I would also like to extend my warmest thanks to all of our outgoing board members. They have all made a significant contribution to the association during their tenures, and we hope they continue to be involved in the PLSA's work in the future."

The full PLSA board will include:

•             PLSA chairman Richard Butcher

•             PLSA chief operating officer Mark Cooke

•             Independent non-executive director John Dembitz

•             PLSA policy board chairwoman and LGIM head of DC Emma Douglas

•             HSBC Global Asset Management global head of corporate sector Alison Hatcher

•             B&CE chief executive Patrick Heath-Lay

•             Independent non-executive director Catherine May

•             PLSA chief executive Julian Mund

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