NS&I announces new Board appointments, including first Non-executive Directors

This, with the appointment of Maria Stafford as an additional non-executive Director, is a deliberate move towards best governance practice.

The review took place to allow National Savings to comply with the 'Turnbull' requirements on risk management and internal control. The Government has taken the recommendations into account and expects government departments and agencies to apply them to the management of risk within their organisations.

Ruth Kelly MP, Economic Secretary to The Treasury said:

"I am delighted to announce these appointments, which represent a major move forward in National Savings' governance arrangements. The Board of National Savings reflects the best of both the private and public sector, and reflects the importance the government places on best practice." 

Peter Bareau CBE, Chief Executive, National Savings, said:

"Richard and Maria will bring valuable skills and experience to National Savings. We operate in a very competitive marketplace and believe an even stronger Board will bring great benefits to our business and therefore our customers."

The two new appointments mean that the National Savings Board will now comprise four independent non-executive directors, two HM Treasury representatives and five executive directors. The appointment of a non-executive to chair the Board is one of the first such appointments for a government department.

Peter Bareau CBE, National Savings' Chief Executive, will remain the "Director of Savings" and Accounting Officer responsible to the Chancellor of the Exchequer and Parliament for the operation and financial management of National Savings.

Richard Wright has been with the Ford Motor Company since 1988 and held a number of positions including Jaguar's European Operations Director, Chairman and Managing Director of Ford Belgium and Director of Sales based in Britain. He will bring to National Savings a wealth of experience in outsourcing and quality assurance in large operational organisations.

Maria Stafford has extensive experience in the financial services sector in both the UK and in Australia, and was formerly Managing Director of Britannia Life. She is also very actively involved in the education and not-for-profit sector, and is Chairman of Glasgow Caledonian University and Stonham Housing Trust, the UK's largest Housing Association. She will bring considerable experience of managing strategic change in the retail financial services sector.

Notes to Editors

1. Photographs of Richard Wright and Maria Stafford are available on request (JPEG format)
2. National Savings became a Next Steps Agency in 1996. In addition to being an agency, it is also a Government Department in its own right under the Chancellor of the Exchequer. National Savings products are, like gilt edged securities, direct liabilities on the National Loans Fund.
3. National Savings' aim is to help reduce the cost to the taxpayer of government borrowing now and in future. To achieve this, National Savings' vision is "to be a distinct and valued part of people's savings and investments" and "an integral and valued component of national debt management". National Savings finances 18% of the national debt and accounts for around 10% of the cash-based deposit market.
4. The National Savings Board consists of:
   Richard Wright - Non-executive Director (Board Chairman)
   Judy Lowe - Non-executive Director
   Maria Stafford - Non-executive Director
   James Turner - Non-executive Director
   Peter Bareau CBE - Chief Executive & Accounting Officer (Executive)
   Trevor Bayley - Finance Director (Executive)
   Jeannie Bevan - Sourcing Director (Executive)
   Gill Cattanach - Commercial Director (Executive)
   Scott Speedie - Personnel Director (Executive)
   Stephen Evans - HM Treasury
   Paul Mills - HM Treasury
   Bill Ferrier - Board Secretary
5. Both of the new appointments are for an initial three year term and National Savings now has four independent non-executive directors.