Women on Boards

21 September 2011

Statement from Ron Sandler, Chairman of Phoenix Group Holdings

“The Nomination Committee, which I chair, will continue to review on a regular basis the experience, skills, knowledge and independence of the Board. This encompasses, and will continue to encompass, the recommendations of the Lord Davies Review entitled Women on Boards. Phoenix Group supports the recommendations in principle, and we believe that it is appropriate for FTSE 350 companies to set out clear targets for female representation on their Boards. We are a recently-listed FTSE 250 company (from July 2010) and none of our directors was appointed to the Board prior to September 2009. As we already have a large Board of 14 directors (including one female director) and are unlikely to want to increase its size, it is difficult at this stage to commit to firm percentages regarding the number of women on our Board in 2013 and 2015. Nonetheless, we have set targets of two female directors by 2013 and a further female director by 2015. Our overriding aim remains the appointment of the most appropriate candidates to the Board.

We embrace equality of opportunity in all parts of our organisation, and I am pleased to say that we have three female members out of nine on our Executive Committee."