Our Governance
The Board is responsible for managing RFL in the best interests of its stakeholders, including the Shareholder, the Scheme participants, and RFL’s employees, among others. It recognises that good corporate governance is key to successfully managing this.
RFL has always sought after the highest standards of governance, voluntarily following the spirit of the UK Corporate Governance Code 2018 (the ‘Code’). As part of the new Governance arrangements following the change in ownership from the Co-op Group to HM Treasury, RFL is required to comply with the principles and provisions of the Code. RFL continually reviews and seeks to improve its procedures to ensure the highest levels of governance.
Committee membership key
COMPANY SECRETARY: Elemental Company Secretary Limited
LAWRENCE M. WEISS, BA (Hons), MIA
Lawrence has held a number of senior Board and executive roles across the financial services and international trade sectors. In addition to his private sector Non-Executive Board positions, he has served as a Board member of UK Export Finance, the UK’s export credit agency, where he also chaired the Audit Committee, and was a member of the Audit and Risk Committee of the Department for International Trade. He was previously Chief Executive Officer of Bank Leumi (UK) plc, where he also chaired its subsidiary companies. Prior to this, he spent nearly two decades at Glencore UK Ltd., holding several senior leadership positions, including Chief Global Credit Risk Officer for the Energy Group, and Chief Financial Officer and subsequently Chief Executive Officer of TMR Energy Ltd, a joint venture between Glencore and TOTAL S.A. During this time, he also chaired both the Trustees of the company’s Pension Scheme and the Glencore Foundation for Education and Welfare. Lawrence began his career at The Chase Manhattan Bank where he rose to become a Director of Chase Investment Bank Ltd, one of the European market leaders in syndicated lending and project finance.
ADRIAN SMITH OBE, MBA
Adrian helped establish Reclaim Fund Ltd during 2009/10 and was subsequently appointed as Chief Executive. With a career in retail banking, he previously held senior leadership roles at Co-operative Banking Group, Britannia Building Society, Bank of Ireland and Bristol & West Building Society and was a former Non-Executive Director of Mutual Plus Ltd. He is currently Chair of the Association of Chief Executives, Vice Chair of Plunkett UK and Chair of his local Parish Council. Adrian was awarded an OBE for services to the financial sector in 2022.
JUDITH BUTTIGIEG, MA (Oxon), FCA
Judith is a Fellow of the Institute of Chartered Accountants and is CEO of Aviva International Insurance Ltd, Aviva plc group’s internal reinsurer, and a member of its Board of Directors. Judith has over 30 years’ experience in financial services and has held a number of senior executive positions within the Aviva plc group. She has also served as Non-Executive Trustee Director and Chair of the Audit, Operations & Governance Committee for the RAC Pension Scheme. Judith became Chair of RFL’s Audit and Risk Committee in July 2023.
DONAL QUAID, CFA, MBA, MSc
Donal has been Group Treasurer of NatWest Group since December 2019. Previous roles include Head of Derivatives & FX and Head of Treasury Markets, and he has over 25 years’ experience working in capital markets across various treasury, trading, and risk management leadership roles. Donal sits on the Advisory Council of the Financial Markets Standards Board (‘FMSB’). Donal became Chair of RFL’s Investment Committee in August 2022.
SALEH SAEED OBE
Saleh has served as Chief Executive of the Disasters Emergency Committee (‘DEC’) since 2012, leading collective UK responses to global crises and raising over £1.3 billion through 17 national appeals. He previously held senior NGO roles, including Chief Executive of Islamic Relief Worldwide, and has led UK public sector programmes on health inequalities and digital inclusion. He was awarded an OBE in 2013 and an Honorary Doctorate from Birmingham City University in 2019. He is a former Chair of the Emergencies Appeals Alliance and a Non-Executive Director of University Hospitals Birmingham.
JENNY WATSON CBE, BA, MA
Jenny is Chair of the Independent Press Standards Organisation (‘IPSO’) and Broadland Housing Association, and is Deputy Chair of Council at the University of East Anglia. She started her career in the not-for- profit sector and has served as a board member of a number of public bodies, including as a past Chair of both the Equal Opportunities Commission and the Electoral Commission. Jenny was appointed Senior Independent Director in November 2023.
COLIN LEDLIE MA, FFA, C.ACT, CERA
Colin is an experienced actuary and risk professional with over 30 years’ experience in the insurance industry. Colin is a Non-Executive Director at Liverpool Victoria and was previously a Non-Executive Director at Bupa, ReAssure and the National Records of Scotland. His executive career was with Standard Life where roles included Chief Actuary and Chief Risk Officer. He is also a charity trustee at Transition Edinburgh South.
RUBABA KHAN
Rubaba is an Executive Director at UK Government Investments (‘UKGI’). Since joining UKGI, Rubaba has advised government Departments on a range of corporate finance projects. She led the set-up of the Financial Instruments and Transactions Advisory Group in 2021 and has been leading the UKGI shareholder team for the Nuclear Decommissioning Authority since 2022. Prior to joining UKGI, Rubaba was advising financial institutions at investment banks including Barclays, Nomura and Lehman Brothers.