Ruth Davidson, former leader of the Scottish Conservative Party, will join Royal London’s board as a non-executive director from 8 June 2021.
Davidson will be paid £75,000 per annum for board work, plus another £10,000 for committee work, though in 2021 her fees will be pro-rata for a partial year’s work.
Royal London estimates Davidson will spend around 30 days per year on her new role.
Davidson was leader of the Scottish Conservative Party from 2011 to 2019, and prior to that worked in news and current affairs journalism for 10 years.
Following the 2021 Scottish Parliament election on 6 May, and having chosen not to stand for re-election, she is no longer MPS for Edinburgh Central.
On her appointment, Davidson said: “I love the values and philosophy of mutuals and I am delighted to be joining Royal London, which practices those values every day.
“It is a supportive and responsible employer and, as the UK’s largest mutual life insurer, it takes decisions for the long term, wholly focused on providing security to its millions of members and policy holders.
“I look forward to championing in the areas of diversity and social responsibility as Royal London continues to develop and deliver excellence.”
Royal London chairman Kevin Parry added: “I am very pleased Ruth has agreed to join the Board of Royal London. She brings a deep understanding of contemporary societal issues, and is a strong advocate for diversity and a champion of advancing social and environmental responsibility.
“Ruth will be an invaluable and complementary asset to the Board as we continue to use our long-term approach as a mutual to shape the way we do business.”