Standard Life Aberdeen (SLA) has appointed Cecilia Reyes as non-executive director taking the total number of females on the board to five.
Reyes (pictured) joins from Zurich Insurance Group where she was group chief risk officer, responsible for the global function comprising group risk management and the enterprise risk management framework.
Prior to this, she was Zurich’s group chief investment officer, responsible for the execution of the investment management value chain, including analysis, development and global implementation of the investment strategy for the group’s investments.
Boards no longer a ‘white public-school boy’s club’
On Reyes’ appointment, the board will comprise four executive directors, seven non-executive directors and the chairman. It will be made up of five women and seven men.
CWC Research founder Clive Waller said: “I don’t often see anything significant in non-executive director appointments. Albeit, there is the inconvenience that you can no longer recruit Tim-but-dim to your white public-school boy’s club.
“Today, non-executive directors have to be competent and the benefits of diversity are obvious to most hopefully.”
Reyes’ appointment to the SLA board takes effect from 1 October 2019. She will become a member of the risk and capital and remuneration committees.
Chairman Sir Douglas Flint welcomed Reyes’ risk management experience and “in-depth knowledge of the investment process”, which he said would be valuable in board and committee discussions.
