Stock: Phoenix Group (PHNX)

Top Management and Board of Directors

Top Management

Top Management [One top executive with tenure > 5 yrs]

Name	Designation	Since Appointment
Andy Briggs	Chief Executive Officer, Director	5 Yrs, 4 Mos

Top Management [Six top executives with tenure < 3 yrs]

Name	Designation	Since Appointment
Jackie Noakes	Chief Operating Officer	2 Yrs, 10 Mos
Nicholas Lyons	Non-Executive Chairman	-
Nicolaos Andreas Nicandrou	Chief Financial Officer, Executive Director	-
Kulbinder Dosanjh	Company Secretary	-
Michael Eakins	Chief Investment Officer	-
Brid Meaney	Chief Risk Officer	-

Board Of Directors

Board Of Directors [Two directors with tenure > 5 yrs]

Name	Designation	Since Appointment
Nicholas Shott	Independent Non-Executive Director	8 Yrs, 10 Mos
Hiroyuki Iioka	Non-Executive Director	5 Yrs, 6 Mos

Board Of Directors [Six directors with tenure < 4 yrs]

Name	Designation	Since Appointment
Mark Gregory	Independent Non-Executive Director	2 Yrs, 3 Mos
Katie Murray	Independent Non-Executive Director	3 Yrs, 3 Mos
Eleanor Bucks	Independent Non-Executive Director	-
Maggie Semple	Independent Non-Executive Director	-
Belinda Richards	Independent Non-Executive Director	-
David Scott	Non-Executive Director	-

Profiles of Top Management

Andy Briggs
CEO & Director
Appointed:
10 February 2020
Career and experience:
Andy joined Phoenix Group in 2020 with over 30 years of experience in the insurance industry. He has held senior executive roles across multiple business areas in the industry including CEO of UK Insurance and Global Life and Health at Aviva plc; CEO of Friends Life Group Limited; Managing Director of Scottish Widows; CEO of the Retirement Income Division at Prudential plc and Chair of the Association of British Insurers ('ABI'). Andy is a Fellow of the Institute of Actuaries and also acts as the UK Government's Business Champion for Older Workers.
Key skills and competencies:
Sound executive leadership and a considered approach to strategy, demonstrated through continued delivery of Phoenix Group's operating model, delivering strategic growth through the acquisition of SLF of Canada UK Limited. Andy has a strong history of high-profile M&A work in his previous roles. Broad knowledge of the global insurance industry which helps inform views on long-term strategic direction. Proactive approach to understanding stakeholder priorities, which closely aligns to Phoenix Group's core social purpose and strategy, including work on developing initiatives such as Midlife MOT, financial and digital inclusion. Current external appointments:
Board member of the ABI and the UK Government's Business Champion for Older Workers.

Shareholder Value:
Creation of shareholder value in Phoenix Group:
Date of appointment: February 10, 2020
In the last 5 years the average annualized return to shareholders was 21.9%. The present value of GBP1,000 (PV1000) invested 5 years ago is now GBP2,698, a gain of GBP592 and dividend reinvested of GBP1,106.

Jackie Noakes
Chief Operating Officer
Jackie joined Phoenix Group in September 2022 with a wealth of banking and insurance experience. Prior to joining Phoenix Group, she spent four years as Group Chief Operating Officer at the Bank of Ireland in Dublin and Jackie's other key roles include; CEO Mature Savings and Group and IT Shared Services Director at Legal & General and IT Vice President of American Express Bank Business Solution Delivery services.
Jackie also brings international experience, having held roles with IBM (Australia), Blue Cross & Blue Shield (USA), Sun Alliance (UK), Fireman's Fund Insurance (USA) and Ericsson (Sweden). She studied IT and Data Processing at University of Limerick and holds MIT qualifications in Fintech Future Commerce and AI in Business Strategy.
Jackie lives on the south coast near Brighton with her husband and daughter.
Role and responsibilities:
Enable strategic Change working across the Group to deliver best outcomes for customers. Evolve and implement the Change Management Framework across the Group. Drive innovation in the use of Information Technology. Ensure Business Resilience through robust Business Continuity and Operational Resilience frameworks. Evolve the Group Operating Model.

Shareholder Value:
Creation of shareholder value in Phoenix Group:
Month of appointment: September 2022
In the last 3 years the average annualized return to shareholders was 24.9%. The present value of GBP1,000 (PV1000) invested 3 years ago is now GBP1,964, a gain of GBP416 and dividend reinvested of GBP548.

Michael Eakins
Chief Investment Officer
Experience:
Michael joined Phoenix Group in July 2020 following the acquisition of ReAssure Group where he had held the same role since June 2019.
Prior to joining ReAssure, Michael was a Managing Director at Goldman Sachs where he was responsible for the European Pension and Insurance Business and UK Rates sales. He has extensive experience of managing finance professionals and providing advice to senior management at insurers, pension funds and asset managers.
Michael has a MSci in Mathematics from the University of London and is a Fellow of the Institute and Faculty of Actuaries.
Role and responsibilities:
Leads the development and delivery of Group asset management and investment strategy. Responsible for managing the Group asset risk to within the stated risk appetite. Leads on the Sustainable Investing agenda for the Group, including net-zero carbon for assets by 2050. Ensures strategic asset allocation and delivering ongoing performance of the portfolio. Supports the Group's requirements with investors, rating agencies, regulators, external directors on the asset management platform.

Brid Meaney
Chief Risk Officer
Brid joined Phoenix Group in April 2021 with over 25 years of life insurance experience. She was appointed to role of Chief Executive, Heritage Division in October 2022 and moved to her current role in early 2024.
Prior to joining Phoenix Group, Brid was a partner in KPMG LLP's ('KPMG') Advisory business for over 10 years working with insurance companies across the UK and globally. She held the post of Head of Insurance for KPMG in the UK in 2018 before transferring to KPMG in Hong Kong to support the China practice from 2019 to 2021.
Brid is an is an actuary and lives in the Midlands with her husband and two young children.
Role and responsibilities:
Leading the customer transformation agenda - e.g. customer platforms, consumer duty, product simplification. Leading the transformation of the Finance and Actuarial platforms. Leading on the integration of acquisitions.

Profiles of Board of Directors

Katie Murray
Independent Non-Executive Director
Appointed:
1 April 2022
Committee member:
Audit Committee (Chair)
Career and experience:
Katie has over 30 years of experience gained across the financial services industry and is currently Group Chief Financial Officer ('CFO') of NatWest Group plc, having also acted as Deputy Group CFO. Prior to this, Katie spent a number of years at Old Mutual plc, where she held various senior executive roles including Group Finance Director of Old Mutual Emerging Markets, Director of Finance - Group Chief Accountant and Head of Group Planning and Analysis. She was also a Senior Audit Manager at KPMG LLP. Katie is a member of the Institute of Chartered Accountants in Scotland.
Key skills and competencies:
Vast financial services experience meaning that she is well placed to provide valuable and technical input in both Board discussions and in her capacity as Chair of the Audit Committee. Current business leader with recent and relevant financial experience and deep understanding of industry complexities. Valuable knowledge and executive director experience within global financial services organisations. Plays an active role in the development and reporting of climate reporting across the financial services sector. Current external appointments:
Group Chief Financial Officer of NatWest Group plc.

Shareholder Value:
Creation of shareholder value in Phoenix Group:
Since appointment as Independent Non-Executive Director: The present value of GBP1,000 invested on the appointment date of April 01, 2022 at close price of GBP464.62 is GBP2,071, including a capital gain of GBP417 and dividend reinvested of GBP654.

Eleanor Bucks
Independent Non-Executive Director
Appointed:
1 December 2023
Career and experience:
Since 2021, Eleanor has been Chief Investment Officer of Lloyd's of London. Prior to this, she was at Legal & General plc holding several roles including: Chief Operating Officer of Legal & General Capital, Managing Director of Direct Investments and Real Assets and Chief Investment Officer of Legal & General Retirement. Eleanor serves as Chair on the suite of Lloyd's Investment Platform funds and has held executive directorships as Chair of Legal & General Investment Management Alternative Investment Fund Manager and Director of Legal & General's Single-Family Build-to-Rent business. Eleanor is a Fellow of the Institute of Actuaries.
Key skills and competencies
Seasoned investment professional, experienced in leading high performing investment teams and setting investment strategy for both insurance and pension funds. Deep understanding of the life insurance sector and the investment approaches that underpin those businesses, which brings an external perspective and supports the delivery of robust, constructive challenge and guidance during Board discussions Current external appointment:
Chief Investment Officer of Lloyd's of London.

Maggie Semple
Independent Non-Executive Director
Appointed:
1 June 2022
Committee:
Remuneration Committee, Risk Committee and Sustainability Committee.
Designated NED for Workforce Engagement.
Career and experience:
Maggie is currently a business owner and co-founder of three businesses; The Experience Corps, Maggie Semple Limited and I-Cubed Group Ltd. Prior to this, Maggie acted as Director of Learning Experience at the New Millennium Experience Co and Director of Education and Training for the Arts Council England. She began her career in education as a teacher and later an education inspector and has received an OBE for her services to learning. Maggie's NED experience includes roles as NED of PwC Business Restructuring Services, JN Bank UK Limited, McDonald's Restaurants Limited and as an Ambassador of the Black British Voices Project.
Key skills and competencies:
A combination of experience and passion for sustainability, ethics and inclusivity which brings a breadth of knowledge across the broad ESG agenda and informs development of operations and strategy in this area. Brings a strong sense of social purpose and depth of perspective to Board considerations and distinguished stakeholder engagement with a highly personable style, as is evident in her role as Designated NED for Workforce Engagement. Current external appointments:
NED of JN Bank UK Limited and Crest Nicholson Holdings plc; HR Committee Member at the University of Cambridge; and Ambassador of Black British Voices Project.

Nicholas Shott
Independent Non-Executive Director
Appointed:
1 September 2016
Committee:
Remuneration Committee (Chair), Audit Committee, Nomination Committee and Sustainability Committee
Caree and experience:
Nicholas brings recent and relevant financial services experience having retired in 2021 from Lazard & Co Limited, where he spent over 30 years. There he held various positions including, European Vice Chairman and Head of UK Investment Banking. In his early years, Nicholas worked in the national newspaper sector in various management positions such as General Manager of the Evening Standard and Sunday Express and Group Marketing Director of Express Newspapers. Nicholas is a Special Adviser to the Chair and Board of the Daily Mail and General Trust plc and has been a NED for the Home Office.
Key skills and competencies:
Extensive M&A experience in multiple sectors through investment banking, enabling the provision of support and insight to the Board. He is also Chair of Phoenix Group's M&A Advisory Group. Knowledge of a broad range of investor and stakeholder perspectives, providing insight that enables him to lead well informed and productive discussions at the Remuneration Committee Current external appointment:
Special Adviser to the Chair and Board of the Daily Mail General Trust.

Shareholder Value:
Creation of shareholder value in Phoenix Group:
Date of appointment: September 01, 2016
In the last 5 years the average annualized return to shareholders was 21.9%. The present value of GBP1,000 (PV1000) invested 5 years ago is now GBP2,698, a gain of GBP592 and dividend reinvested of GBP1,106.

Mark Gregory
Independent Non-Executive Director
Appointed:
1 April 2023
Committee:
Audit Committee and Risk Committee
Career and experience:
Mark has 25 years of experience in the financial services industry. Most recently, Mark was CEO of Merian Global Investors Limited ('Merian'). Preceding this, he held roles at Legal & General Group plc including: Group CFO, CEO of Savings and Managing Director of With Profits, at Asda Limited as the Divisional Director for Finance and the Business Development Director and at Kingfisher plc as a Senior Financial Analyst. His NED experience consists of roles as NED and Chair of the Risk Committee at Direct Line Insurance Group plc and NED at Entain plc and Merian.
Key skills and competencies:
A wealth of executive finance experience and acumen and a deep knowledge of the insurance industry, particularly life and general insurance, which contribute to his effectiveness as a member of the Risk and Audit Committees. Highly qualified to appraise strategy development and execution, having led corporate projects and transactions with added appreciation of the retail sector and customer service activity. Current external appointments:
NED and Chair of the Risk Committee at Direct Line Insurance Group plc, NED of Churchill Insurance Company Limited, UK Insurance Limited and Westdown Park Management Company Limited.

Shareholder Value:
Creation of shareholder value in Phoenix Group:
Since appointment as Independent Non-Executive Director: The present value of GBP1,000 invested on the appointment date of April 01, 2023 at close price of GBP446.93 is GBP1,941, including a capital gain of GBP473 and dividend reinvested of GBP468.

Belinda Richards
Independent Non-Executive Director
Appointed:
1 October 2017
Committee:
Remuneration Committee and Risk Committee
Career and experience:
Belinda has extensive financial services and strategy experience from a 30-year career. She was Senior Partner and Global Head of Merger Integration and Separation Advisory Services at Deloitte LLP. Prior to this, Belinda was Vice President of Post-Acquisition Integration and Separation Services at Ernst & Young LLP and Principal of Corporate Finance and Strategic Advisory Services at KPMG LLP. Her NED experience includes roles as NED and Chair of the Audit Committee of Avast plc and William Morrison Supermarkets plc, SID of Grainger plc and NED of Aviva Life & Pensions UK Limited and Friends Life Group Limited.
Key skills and competencies:
Highly qualified to appraise corporate growth opportunities, integration processes and the post-acquisition environment allowing the provision of robust challenge and guidance in relation to Phoenix Group's strategy. Extensive leadership experience and technical perspective enabling contribution to Risk and Remuneration Committee discussions and debate. Current external appointments:
NED at The Monks Investment Trust plc, NED and Chair of the Audit Committee at Schroder Japan Trust plc, SID and Chair of the Sustainability and Governance Committee of Olam Food Ingredients.

Hiroyuki Iioka
Non-Executive Director
Appointed:
23 July 2020
Career and experience:
Hiroyuki is the appointed representative of one of Phoenix Group's major shareholders, MS&AD Insurance Group Holdings, Inc ('MS&AD'). He has over 35 years of experience and is currently Senior General Manager for the International Business Planning Department at MS&AD. His previous roles include General Manager for the Asian Life Insurance Business Department at Mitsui Sumitomo Insurance Company Limited (Japan) and Assistant General Manager for MSIG Holdings (Europe) Limited. Hiroyuki's NED experience includes roles as NED of ReAssure Group plc, Mitsui Sumitomo Insurance (London Management) Limited and an Alternate NED of Challenger Limited (Australia). Hiroyuki is a Chartered Member of the Securities Analysts Association of Japan and Certified International Investment Analysts.
Key skills and competencies:
Commercial business leader, providing an international business perspective, with strong global insurance and financial services industry experience. Responsible for general management, including managing efficient and effective operations and business development within the financial services industry. Current external appointments:
Senior General Manager of International Business Planning Department for MS&AD Insurance Group Holdings, Inc. and Alternate NED of Challenger Limited, listed on the Australian Stock Exchange.

Shareholder Value:
Creation of shareholder value in Phoenix Group:
Year of appointment: 2020
In the last 5 years the average annualized return to shareholders was 21.9%. The present value of GBP1,000 (PV1000) invested 5 years ago is now GBP2,698, a gain of GBP592 and dividend reinvested of GBP1,106.