Setting new standards - Friends Life

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CORPORATE GOVERNANCE CORPORATE SOCIAL RESPONSIBILITY REPORT DIRECTORS AND MANAGEMENT Board of directors Sir Adrian Montague CBE, MA, Solicitor, 59, Chairman Appointed Chairman in May 2005, having been appointed an independent director in October 2004. Chairman of the Investment Committee and member of the Nomination Committee. Currently the non-executive Chairman of British Energy Holdings plc, Michael Page International plc and Infrastructure Investors Limited. A Trustee of the Waterways Trust and a director of London First. Formerly Deputy Chairman of Network Rail and Chairman of Cross-London Rail Links Limited (Crossrail). Previously Chief Executive of the Treasury Taskforce and Deputy Chairman of Partnerships UK plc. In his early career, he was a partner of Linklaters & Paines, and subsequently the Global Head of Project Finance for Dresdner Kleinwort Benson. Philip Moore TD, MA, FIA, 47, Group Chief Executive Appointed Group Chief Executive on 1 January 2007, having joined Friends Provident plc on 1 July 2003 as Group Finance Director and appointed an executive director in September 2003. Member of the Investment Committee. A non-executive director of F&C Asset Management plc since January 2005. Trustee of Childhood Eye Cancer Trust. Previously at AMP (UK) where he was Corporate Director of Finance and Head of Mergers and Acquisitions, having been Finance Director and Actuary of NPI on its acquisition by AMP. Prior to joining NPI in 1998 he spent nine years at PricewaterhouseCoopers, initially in London and then based in Hong Kong as the partner responsible for the firm’s East Asia insurance consultancy practice. Lady Judge BA, JD, 60, Deputy Chairman, senior independent director Appointed a director and Deputy Chairman in June 2001 having been an independent director of Friends’ Provident Life Office from 1994 to 2001 and its Deputy Chairman from 1998 to 2001. Chairman of the Remuneration Committee, Deputy Chairman of the Investment Committee and a member of the Nomination Committee. Chairman of the UK Atomic Energy Authority, of the School of Oriental & African Studies, of LIFE IC Limited, of the Professional Standards Advisory Board of the Institute of Directors and Deputy Chairman of the Financial Reporting Council. A director of Quintain Estates and Development plc, Private Equity Investor plc, Portmeirion Group PLC, Hardy Underwriting Group plc, Planet Group Inc., Eaglet Investment Trust PLC and Nationwide Accident Repair Services plc. A former commissioner of the United States Securities and Exchange Commission. Christopher Jemmett 70, independent director Ray King BSc, FCA, MCT, 53, independent director Appointed a director in June 2001, having been an independent director of Friends’ Provident Life Office from 1997 to 2001. Chairman of the Audit and Compliance Committee and member of the Investment and Remuneration Committees. An independent director of F&C Asset Management plc (called ISIS Asset Management plc until October 2004) since February 1998 (when its name was Friends Ivory & Sime plc) and its Deputy Chairman and senior independent director since May 1998. Chairman of F&C’s Audit and Compliance Committee. Non-executive director and deputy chairman of Origo Sino-India plc. Former director and member of the Executive Committee of Unilever PLC and Unilever NV and a former member of the Council of The Crown Agents Foundation. Will retire from Friends Provident’s and F&C’s boards at the close of the respective AGM 2007. Appointed a director in January 2004. Member of the Audit and Compliance and Investment Committees. Group Finance Director for BUPA since 2001. Member of the Association of Corporate Treasurers. Formerly the Deputy Chief Executive of Parity Group plc, Director of Group Finance and Control at Diageo plc and Group Finance Director of Southern Water plc. 44 Friends Provident Annual Report & Accounts 2006
DIRECTORS’ REPORT CORPORATE GOVERNANCE REPORTS Alison Carnwath BA (Hons), ACA, 54, independent director Appointed a director in December 2002. Member of the Remuneration and Audit and Compliance Committees and, since April 2004, has chaired the With-Profits Committees of Friends Provident’s regulated wholly-owned life and pensions operating companies. Non-executive Chairman of ISIS Equity Partners LLP. Non-executive director of Gallaher Group plc, Glas Cymru Cyfyngedig (Welsh Water), Land Securities plc and Man Group plc. Chairman of Glas Cymru’s Remuneration Committee and Man Group’s Audit Committee. Previously a Managing Director of the US investment bank, Donaldson, Lufkin and Jenrette International, before it merged with Credit Suisse Group in 2000. Formerly a director of J Henry Schroder Wagg & Co Ltd, National Power plc, Arcadia Group plc, QA Group plc, The Vitec Group plc and Nationwide Building Society. Alain Grisay LLM, MA, 53, Chief Executive, F&C Asset Management plc Appointed an executive director and member of the Investment Committee on 1 January 2006. Chief Executive of F&C Asset Management plc. Joined the board of F&C Asset Management plc in October 2004 on completion of the merger of ISIS Asset Management plc and F&C Group (Holdings) Limited (F&CGH) where he was previously Deputy Chief Executive of F&CGH and Head of Institutional Business. Previously at JP Morgan for 20 years, as a Managing Director responsible for the investment bank’s market client business in Europe. Ben Gunn MA, FCII, 56, Chief Executive, Friends Provident Life and Pensions Limited Appointed an executive director in June 2001 having been appointed an executive director of Friends’ Provident Life Office in 2000 and Managing Director, Friends Provident Life and Pensions Limited in March 2001. A non-executive director of Lombard International Assurance S.A. Member of Life Insurance Committee of the Association of British Insurers. Joined the Friends Provident Group in September 1998 following the acquisition of London and Manchester Group plc where he was Managing Director of London and Manchester Assurance Limited and a Group Executive Director. Joined London and Manchester in February 1996 from Hambro Countrywide plc where he was an executive director. The Rt Hon Lord MacGregor of Pulham Market PC, OBE, MA, LLB, 70, independent director Appointed a director in June 2001, having been an independent director of Friends’ Provident Life Office from 1998 to 2001. Chairman of the Nomination Committee and a member of the Audit and Compliance Committee. Also a nonexecutive director of Associated British Foods plc, a member of the Supervisory Board of DAF Trucks NV of Eindhoven, the Netherlands and cochairman of the UK Food and Agricultural Advisory Board of Rabobank International. Chairman of the Slough Estates Pension Fund Trustees. A Conservative Member of Parliament from 1974 to 2001 and a member of the Government from 1979 to 1994 including five Cabinet posts. Deputy Chairman of Hill Samuel Bank Limited and director of Hill Samuel & Co Limited, Uniq plc (formerly Unigate plc) and Slough Estates plc. Will retire from Friends Provident’s Board at the close of the AGM 2007. Sir Mervyn Pedelty FCA, FCIB, FRSA, 58, independent director Appointed a director in October 2006. Member of the Investment Committee. Also, senior independent director of Hiscox Ltd (incorporated in Bermuda), a director of Hiscox plc, Hiscox Insurance Company Ltd, Business in the Community Ltd and Chairman of FTSE4Good Policy Committee. Chairman of Hiscox’ Remuneration and Nomination Committees. Previously at The Co-operative Bank plc where he was Chief Executive from 1997 to 2004, and also Chief Executive of Co-operative Financial Services Ltd and Co-operative Insurance Society Ltd from 2002 until his retirement in 2004. Former member of the Department for Work and Pensions Employer Task Force on Pensions, a director of the Association of British Insurers from 2002 to 2004 and previous member of the Council of the British Bankers’ Association and of its Chief Executive’s and Audit and Remuneration Committees. Prior to The Co-operative Bank, a partner of LEK Consulting, a senior executive of TSB Group plc and a director of TSB Bank plc. Jim Smart B.Com, CPFA, FCCA, MBA, 47, Group Finance Director Appointed an executive director on 1 January 2007, having joined Friends Provident in November 2006. Member of the Investment Committee. A non-executive director of F&C Asset Management plc since January 2007. Member of the Financial Regulation and Taxation Committee of the Association of British Insurers. Previously, chief financial officer at Boots Group plc. Prior to joining Boots, he was at Abbey National plc for 15 years where he held a number of senior finance and operational positions and was a director of the group’s life assurance business, Scottish Mutual Assurance plc. Friends Provident Annual Report & Accounts 2006 45
Page 1 and 2: Setting new standards Friends Provi
Page 3 and 4: ANNUAL REVIEW CORPORATE GOVERNANCE
Page 5 and 6: Group financial highlights Group
Page 7 and 8: INTERNATIONAL LIFE & PENSIONS ASSET
Page 43 and 44: DIRECTORS’ REPORT CORPORATE GOVER
Page 45: DIRECTORS’ REPORT CORPORATE GOVER
Page 71 and 72: FINANCIAL STATEMENTS Independent Au
Page 73 and 74: PARENT COMPANY ACCOUNTS ABBREVIATIO
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Friends Provident plc Pixham End Do
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