Bloomberg News

Standard Chartered Hastening Boardroom Change Plans, FT Says

August 18, 2012

Standard Chartered Plc is accelerating plans to change its board members amid investor pressure over how the bank handled claims it hid transactions with Iran, the Financial Times said, citing sources it didn’t identify.

The changes, expected in the next few months, will focus on the length of tenure, the paper said. The bank this week paid $340 million to the New York Department of Financial Services, which said Standard Chartered falsified records dealing with Iran.

Standard Chartered chairman Sir John Peace flagged board changes through 2012 and 2013 at the annual general meeting in May, and the bank can’t comment further on timing, company spokesman Shaun Gamble said by phone from London today.

To contact the reporter on this story: Michelle Wiese Bockmann in London at mwiesebockma@bloomberg.net

To contact the editor responsible for this story: Dick Schumacher at dschumacher@bloomberg.net


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