ALISON Carnwath yesterday announced she was standing down as Man Group’s senior independent director after 10 years in the role. She will be replaced by Patrick O’Sullivan.
Carnwath, who is also a director of Barclays and chairman of Land Securities, is staying on the board at Man. Under best practice in corporate governance, directors that have been in the senior independent role for 10 years are considered to be no longer sufficiently independent and are often expected to give up that position.
Carnwath spent some of her early days in the City in the corporate finance department at Schroders where she worked alongside the likes of Citi’s David Wormsley, Tesco’s Sir Richard Broadbent and M&S chairman Robert Swannell.
She is one of the judges of City A.M.’s annual awards that take place this year in September.