March 12, 2009
Changes to Standard Life’s Canadian Board of Directors
- Sir Sandy Crombie to replace retiring chairman Jocelyn Proteau
- Bill Black to be appointed Deputy Chairman
- Maurice Forget to retire
Montréal, March 12, 2009 – The Standard Life Assurance Company of Canada today announced that Sir Sandy Crombie, Group Chief Executive of Scotland-based Standard Life plc and Director of the Company, will assume the position of Chairman of the Board of Directors of the Company. Sir Sandy will replace Jocelyn Proteau, who will retire as Chairman of the Company’s Board, and Director of the Board of Standard Life plc. In addition, William (Bill) A. Black, currently serving as an independent non-executive director on the Company’s Board will be appointed to the newly created role of Deputy Chairman. Maurice Forget, also a non-executive director, will retire as well, after 20 years of dedicated service on the Company’s Board. All changes will be effective on May 15, 2009.
Sir Sandy Crombie was appointed Director of The Standard Life Assurance Company of Canada in 2004. He joined Standard Life in 1966 and has become a prominent figure in the UK financial services industry. Among other positions, he was Chief Executive of Standard Life Investments Ltd. from its launch in 1998, until he was appointed Group Chief Executive in 2004.
“We will miss Jocelyn Proteau greatly when he retires in May,” said Gerry Grimstone, Chairman of Standard Life plc. “He has made a significant contribution to Standard Life over the years and in particular has brought a valuable North American perspective to the Board’s deliberations, and has played a key role in helping develop The Standard Life Assurance Company of Canada into the leading position that it holds in Canada today. Having been closely linked to the Canadian operations for many years and considering his thorough understanding of the issues facing our industry today, I am convinced that Sir Sandy will be successful in continuing to steer our largest operation outside the UK towards growth.”
Jocelyn Proteau has served as a director and Chairman of The Standard Life Assurance Company of Canada, as well as Director of the Board of the parent company in Scotland since 2003. Prior to joining the boards of Standard Life, he had a long and successful career heading the Fédération des caisses populaires Desjardins de Montréal et de l’Ouest-du-Québec.
Bill Black was appointed Director of The Standard Life Assurance Company of Canada in 2006. He also has considerable experience in the Canadian financial services industry. Until 2004, he was President and Chief Executive Officer of Maritime Life.
Maurice Forget has been a director on the Board of The Standard Life Assurance Company of Canada since 1989. He is a partner and past chair of the law firm Fasken Martineau in Montréal.
“Maurice Forget’s contribution to Standard Life has been tremendous, especially in the years leading up to demutualization,” said Jocelyn Proteau. “We want to thank him and recognize his vast expertise in corporate law, which has been instrumental in ensuring the right corporate structure and governance were in place.”
Following these changes, the Board of The Standard Life Assurance Company of Canada will be comprised of four independent non-executive directors, two executive directors and two affiliated directors, including the chairman.
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About Standard Life
With 10,000 employees globally, Standard Life plc is a major international financial services group headquartered in Scotland. It provides asset-managing services for retirement, investment and protection to some 7 million customers globally. It had C$278.3 billion in assets under administration, as at December 31, 2008. It has offices in the United Kingdom, Canada, Ireland, Germany, Austria, India, China and Hong Kong.
The Standard Life Assurance Company of Canada is Standard Life plc’s largest operation outside the U.K., with 2,000 employees based in Montreal and across Canada, serving more than 1.3 million Canadians, including group insurance and pension plan participants. (www.standardlife.ca)
Standard Life plc has approximately 1.5 million shareholders worldwide, including approximately 14,000 institutional and individual shareholders in Canada. It has been trading on the London Stock Exchange since The Standard Life Assurance Company demutualized in 2006. Standard Life plc is listed on the FTSE 100, Europe’s largest index, and on the FTSE4Good Index, which identifies companies adhering to globally recognized corporate responsibility standards. (www.standardlife.com)
Contact:
Ann-Marie Gagné
Manager, External Communications and Public Affairs
514-499-7999, ext. 4600
ann-marie.gagne@standardlife.ca
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