Our Board doesn’t answer to shareholders – because we don’t have any
Instead, our Directors and executive team are constantly working in the best interests of you - our members and customers - so that we can deliver the best products and service possible.
Here, you can have a read of our Directors' bios and get to know more about the people at the helm of Royal London.
Rupert Pennant-Rea, Chairman
Rupert Pennant-Rea was appointed to the Board in December 2012 and was appointed Chairman after the AGM in 2013. He is Chairman of the Nomination Committee and regularly attends other Board Committee meetings. Rupert has extensive financial services industry experience, having served as Chairman of Henderson Group plc for eight years before stepping down at the 2013 AGM. He was also Deputy Governor of the Bank of England from 1993 to 1995, prior to which he spent 16 years with The Economist, where he was editor from 1986 to 1993. He was appointed Non-Executive Chairman of the Economist Group in July 2009. His other directorships include PGI Group Limited and Times Newspaper Holdings Limited.
Phil Loney, Group Chief Executive
Phil Loney was appointed to the Board on 1 October 2011, coinciding with his appointment as Group Chief Executive of Royal London Group. He is Chairman of our Group Executive and Disclosure Committees. He previously spent eight years at Lloyds Banking Group, most recently as managing director of Life, Pensions and Investments. Prior to joining Lloyds, Phil held senior management positions with AXA, Norwich Union, CGU and Lloyds Abbey Life amongst others. He is the Deputy Chairman of the Association of British Insurers.
Tim Harris, Deputy Group Chief Executive and Group Finance Director
Tim joined the Group and Board on 11 May 2014 as Group Finance Director and was appointed Deputy Group Chief Executive & Group Finance Director with effect from 18 January 2018. Before joining Royal London he was at Torus Insurance where he was Group Chief Financial Officer. Previous to Torus, Tim was at Aviva plc where he held several positions including Deputy Group Chief Financial Officer and Chief Capital Officer, CFO, Aviva Europe, and Group Chief Accountant. Before joining Aviva, Tim was at PricewaterhouseCoopers where he was a Partner in the Global Capital Markets practice. Tim is a graduate of Durham University and Warwick Business School, a Fellow of the Institute of Chartered Accountants, where he serves on the Insurance Committee, and a Chartered Insurance Practitioner. He is a Director of the Association of British Insurers and Chairs their Prudential Financial and Taxation Committee and is a member of the PRA Practitioner Panel.
Jon Macdonald, Chief Risk Officer
Jon Macdonald was appointed to the Board on 14 December 2012 having joined the Group in November 2012 as Chief Risk Officer. He is a member of the Disclosure, Independent Governance and Investment Committees. He was previously Group Chief Risk Officer for RSA. He has held a number of senior risk and capital management roles at Prudential, PwC, Aviva, Fox-Pitt Kelton, Swiss Re and Zurich. Jon is a fellow of the Institute of Actuaries and a member of the Institute of Actuaries’ Risk Management Board.
Andrew Palmer, Senior Independent Director
Andrew Palmer was appointed to the Board on 1 April 2011. Andrew is our Senior Independent Director and is Chairman of the Audit Committee and sits on the Risk and Nomination Committees. Andrew is also the Chairman of Royal London Asset Management Limited, our asset management business. He was Group Finance Director of Legal & General Group plc where he also held a number of financial and operational roles in the asset management, insurance and international businesses. He is a Non-Executive Director of Direct Line Insurance Group, a Trustee and Honorary Treasurer of Cancer Research UK, and is a member of the Financial Reporting Review Panel of the Financial Reporting Council.
Sally Bridgeland, Non-Executive Director
Sally Bridgeland was appointed to the Board on 14 January 2015. Sally is Chair of the With Profits Committee and she sits on the Nomination and Remuneration Committees. Sally spent 20 years in a variety of roles at AON Hewitt, covering the design and funding of pension arrangements and advising on investment strategy for pension funds and insurance companies. Sally led a number of industry innovations in her role as Head of Investment Research. She was appointed Chief Executive Officer of the BP Pension Fund in 2007, where she was responsible for strategy, regulatory and operational matters for the £19 billion BP Pension Fund.
Sally is currently Independent Trustee for Lloyds Banking Group Pension Trustee Limited, Nuclear Liabilities Fund Limited, The Royal Air Force Central Fund and NEST Corporation. She is a member of the Trust Investment Committee at innovation charity Nesta, Non-Executive Director of Impax Asset Management Group plc and Local Pensions Partnership Limited, former Master of the Worshipful Company of Actuaries and Honorary Group Captain with 601 (County of London) Squadron RAuxAF.
Olivia Dickson, Non-Executive Director
Olivia Dickson was appointed to the Board on 15 June 2017. Olivia sits on the Remuneration, Investment and Nomination Committees. She held a number of senior roles as a Managing Director with J.P. Morgan in the Private Client Brokerage business in Europe and the Middle East, and led the Exchange Traded Derivative operations in Europe. Olivia also worked as a Senior Adviser to the Financial Services Authority. Olivia is currently a Non-Executive Director of the Financial Reporting Council, a member of its Codes and Standards Committee and stepped down as the Chair of the Actuarial Council in June 2018. She is also a Non-Executive Adviser to the law firm Travers Smith LLP and a member of the Government’s Advisory Group on Social Impact Investing. Olivia was a Non-Executive Director of Canada Life Ltd and Chair of their Risk Committee and she also held Non-Executive Director roles with Virgin Money, Investec, Aon and the London International Financial Futures Exchange.
Ian Dilks, Non-Executive Director
Ian Dilks was appointed to the Board on 14 November 2014. Ian is Chairman of the Investment Committee and he sits on the Nomination and Audit Committees. Ian spent his entire career at PwC, joining the firm (which was then Coopers & Lybrand) in 1974 and becoming a Partner in 1986. He rose to become a member of PwC’s Global Financial Services Leadership team and Global Insurance Leader and also led PwC’s IFRS conversion businesses in the UK. In his final role in PwC he had responsibility globally for Public Policy and Regulatory Affairs. Ian was formerly Expert Adviser, House of Commons Treasury Committee. He is currently Chairman of the NHS Resolution (formerly NHS Litigation Authority).
Tracey Graham, Non-Executive Director
Tracey Graham was appointed to the Board on 11 March 2013 as the Chair of the Remuneration Committee. She also sits on the Risk and Nomination Committees. Tracey is also Chair of Investment Funds Direct Limited Board, our platform services business. Tracey was Chief Executive of Talaris Limited, an international cash management business, from 2005 to 2010. During this time, she led the management buyout of that business from De La Rue. Prior to that, she was President of Sequoia Voting Systems, Customer Services Director at AXA Insurance plc, and held a number of senior positions at HSBC. Tracey is currently Non-Executive Director of Link Scheme Ltd and Chairman of the Link Consumer Council, Senior Independent Director of Ibstock plc, and Non-Executive Director of DiscoverIE plc.
David Weymouth, Non-Executive Director
David Weymouth was appointed to the Board on 1 July 2012. He is chairman of the Board Risk Committee and sits on the Audit and Nomination Committees. David retired as Group Chief Risk Officer at RSA at the end of May 2015, having been Group Operations and Risk Director since he joined RSA in 2007. Prior to this, he consulted for a number of major firms and government organisations, and enjoyed a successful 27-year career at Barclays during which he assumed the role of Group Chief Information Officer. He is Chairman of Mizuho International Holdings plc, Chairman of One Savings Bank plc and Non-Executive Director of Fidelity International Holdings (UK) plc.
Royal London values and promotes inclusion, recognising that difference is a strength. The Board appreciates the benefits that diversity can bring in terms of effectiveness and through its Nomination Committee, is committed to ensuring there is the necessary balance of skills, experience and knowledge when conducting its regular reviews of the structure and composition of the Board.