Man at the Pru re-appointed to FRC

The chairman of insurance giant Prudential, Sir David Clementi has been
re-appointed to the Financial Reporting Council for a second-term to help the
body oversee regulation of the actuarial profession.

Chairman of the FRC, Sir Bryan Nicholson, said he was ‘delighted’ with the
appointment. ‘David has been an active member during his first term and his
contribution to the work of the Council has been considerable,’ he said.

‘This is an exciting time for the FRC as we are establishing a new regime to
set actuarial standards and oversee the regulation of the actuarial profession,
with the new arrangements starting in April 2006.’

Sir David, who is a chartered accountant, became chairman of Prudential on 1
December, 2002. Before joining the insurers, he was deputy governor of the Bank
of England for five years from 1 September 1997. In addition to his membership
of the Monetary Policy Committee, he was responsible for the day-to-management
of the bank and had specific responsibility for its work on financial stability
issues. During this period he was a non-executive director of the Financial
Services Authority.

Before joining the Bank of England, Sir David was at Kleinwort Benson for 22
years, including stints as chief executive from January 1994 and vice-chairman
from May 1997. He is also a non-executive director of mining group Rio Tinto and
president of the Investment Property Forum.