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Risk Management Assets and Liabilities Committee The Assets and Liabilities Committee (“ALCO”) is chaired by the Group Chief Financial Officer and includes the Group Chief Executive Officer, the Chief Risk Officer and other members of Group Senior Management. It is tasked with optimising Asset Liabilities Management risks, within the risk appetite limits set by the ptsb Board, and in line with the Group’s medium term plan and strategic direction. The ALCO reviews and is responsible for all activities relating to funding and liquidity management and strategy, structural asset and liability management, interest rate and market risk and for Treasury counterparty risk. It is the accountable body for evaluation of other potential drivers of earnings volatility, such as competitive pressures and other non‐interest rate related changes to market conditions, and for agreeing on optimisation and hedging strategies against those risks. Page 30
Board of Directors Alan Cook (Director join date: 13 April 2011) Glen Lucken (Director join date: 2 January 2013) Group Chairman Group Chief Financial Officer Alan (60) is a Fellow of the Chartered Insurance Institute (UK) and has extensive experience in financial services and public service in the UK and elsewhere. He is an experienced Chairman, Non‐Executive Director and successful financial services general manager with strong people skills and experience of leading large scale change in both the private and public sectors. He is a former Managing Director of the UK Post Office, where he transformed the loss making organisation back into profit through cost reduction and growth in personal financial services. He is a former Chief Operating Officer of Prudential (UK and Europe) and a former Chief Executive of National Savings and Investments (the Government agency responsible for raising finance for the UK Government through the retail savings market). He is also a former Non‐Executive Director of the Office of Fair Trading and the Financial Ombudsman Service. Alan is the current Deputy Chairman of Sainsbury Bank plc and the Chairman of the Highways Agency in England and a Non‐Executive Director of the UK Department of Transport and of Metlife Europe Ltd. Alan also volunteers his time as Chairman of the University of Bedfordshire and Chairman of Action for ME, the leading UK Charity supporting those suffering from ME/CFS. Jeremy Masding (Director join date: 28 February 2012) Group Chief Executive Officer Jeremy (48) is an experienced career banker having worked with Barclays Bank in a variety of different roles between 1984 and 2007. These roles included branch banking, international banking and in head office as a Director of Strategy Development. In later years, he was a Board Director of Barclaycard, responsible for UK consumer finance. For a year (1998/1999) he worked on secondment from Barclays with the Cabinet Office in the UK. More recently, Jeremy has been Chairman of the Richmond Group (2010‐2012), an independent loan broker and lender, and Group Chief Executive of Central Trust plc (2007‐2009), a specialist loan broker and lender. Jeremy is an Associate and Fellow of the Chartered Institute of Bankers and holds an MBA from Manchester Business School. Glen (55) is a Fellow of the Institute of Chartered Accountants in England and Wales (FCA) and an Associate Member of the Association of Corporate Treasurers (AMCT). He also has a degree in chemistry from Imperial College. Glen is an experienced CFO with knowledge and expertise in a wide range of sectors including retail and consumer financial services, credit and store cards, banks and building societies. He has previously held senior finance and operations positions in Abbey National, Lloyds Banking Group, Barclaycard and OneSavings Bank. Glen’s experience has been particularly valuable in his role as Chairman of the Group Assets and Liabilities Committee. Before his appointment as Group Chief Financial Officer in January 2013, Glen acted as interim Chief Financial Officer in permanent tsb since July 2012. Dominic Dodd (Director join date: 18 December 2012) Independent Non‐Executive Dominic (46) is an experienced Non‐Executive Director and Board Chairman. He is currently Chairman of the Royal Free London NHS Foundation Trust, a UK University teaching hospital. He was formerly an Executive Director of the Children's Investment Fund Foundation, one of Europe's largest philanthropic foundations. Prior to this he was a Managing Partner of Marakon Associates, an international strategy consulting firm, where he advised Chief Executives and top management on growing long‐term value. In his capacity as Chairman of the Royal Free London, he is also a Director of UCL Partners, Europe's largest academic health science system. Dominic’s unique experience is of particular benefit to the Board in terms of strategy formulation. Page 31
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