The former head of MI5 is to step down from the board of HSBC Holdings following his appointment because the model new chair of the Government’s committee on necessities in public life.
Sky News has learnt that Lord Evans of Weardale, who spent better than three a very long time throughout the UK Security Service, will retire as a director of Europe’s largest lender all through 2019, and doubtlessly as early as its annual shareholder meeting throughout the spring.
His alternative to step down after nearly six years as a non-executive is understood to have been deliberate for plenty of months.
Lord Evans’ departure from the HSBC board will come as a result of the monetary establishment’s chairman, Mark Tucker, continues to prune it in measurement following an preliminary low cost in membership from 17 to 14 remaining yr.
City sources acknowledged they believed that Mr Tucker was keen to see HSBC select a board of a few dozen directors, with some new appointments acknowledged to be in progress.
As the earlier director-general of MI5, Lord Evans’ experience was seen as necessary by Mr Tucker’s predecessor, Sir Douglas Flint, all through a interval when the monetary establishment was matter to a deferred prosecution settlement (DPA) with the US Department of Justice.
The DPA was launched after HSBC was fined $1.9bn in 2012 for lax anti-money laundering controls which allowed Mexican drug cartels to funnel a complete bunch of tens of thousands and thousands of by way of the monetary establishment.
Since his appointment to the board, Lord Evans has chaired HSBC’s financial system vulnerabilities committee and been a member of its nomination and firm governance committee.
The Sunday Times reported that he was going via criticism for his portfolio of paid enterprise roles after accepting the chairmanship of the Committee on Standards in Public Life.
Sir Alistair Graham, one amongst Lord Evans’ predecessors as chair of the Committee on Standards in Public Life, instructed the newspaper that it was “better that there can be no argument about a potential conflict of interest”.
In addition to his operate at HSBC, for which he was paid better than £200,000 remaining yr, Lord Evans holds posts at companies specialising in cybersecurity akin to Darktrace.
He may also be a member of KPMG’s public curiosity committee.
HSBC, which has a market value of nearly £130bn, is one amongst lots of UK-headquartered lenders which is ready to throughout the coming days provoke a far-reaching structural reform actually helpful throughout the aftermath of the 2008 financial crash.
Along with Barclays, Lloyds Banking Group, Royal Bank of Scotland and Santander UK, HSBC will from January 1 ring-fence their retail operations from their funding banking fashions.
HSBC declined to contact upon Sunday on Lord Evans’ impending departure from its board.