Corporate Governance

Ensuring the interests of our shareholders,
employees, customers and suppliers are protected

The Bank

Our corporate governance ensures that we maintain an environment of trust, transparency and accountability and protects the interest of all stakeholders including, among others, United Trust Bank shareholders, employees, customers and suppliers.

Although United Trust Bank Limited is an unlisted company, and therefore not subject to the UK Corporate Governance Code (2018), the Board of Directors nevertheless complies with a number of the provisions of the Code it considers to be appropriate to a company of UTB’s size and nature.

The Board

The Board is chaired by Richard Murley who is responsible for its effectiveness. The size and composition of the Board is kept under review to ensure an appropriate balance of skills and experience is maintained.

The Board of Directors

Richard Murley – Non-Executive Chair

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Richard Murley
Richard Murley

Richard Murley studied law at Oxford University and began his career at Linklaters & Paines before moving into investment banking with Kleinwort Benson and Goldman Sachs. Following a two-year secondment as Director General of The Takeover Panel, he joined NM Rothschild & Son where he is a Senior Adviser. Richard is the Chair of Macmillan Cancer Support and a trustee of the Epilepsy Society and the Royal Society for Medicine, and is a member of the Medical Research Council and The Takeover Panel.

Graham Davin – Non-Executive Deputy Chair

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Graham Davin
Graham Davin

Deputy Chairman Graham Davin was CEO of United Trust Bank from 2004 to 2020. He began his career at Arthur Andersen and was previously Chief Financial Officer and Head of Corporate Finance of Investec Bank and a main board director of Investec for 16 years. He was a founding partner of the Insinger de Beaufort Group and a director of its listed parent and its Dutch bank. He is the Senior Independent NED of The Foschini Group, a listed multi-brand international retailing group.

Harley Kagan – Chief Executive Officer

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Harley Kagan
Harley Kagan

Harley Kagan is the Chief Executive Officer of United Trust Bank and a chartered accountant. He has held had a number of roles including leading the Banks’ lending businesses and Finance Director. He has worked extensively in banking and corporate finance, concentrating on acquisitions and disposals and was the Finance Director of the UK Operations of Insinger de Beaufort. He also worked as a strategy consultant with Cap Gemini.

Jonathan Ayres – Chief Financial Officer

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Jonathan Ayres
Jonathan Ayres

Jonathan Ayres is the Chief Financial Officer of United Trust Bank, a position he previously held at C. Hoare & Co. and Ecofin. Jonathan qualified as a chartered accountant with Price Waterhouse where he specialised in banks and fund managers before becoming an equity analyst at Goldman Sachs. He studied Computer Science at Cambridge University. He is the Chair of UK Finance’s Specialist Banks Working Group and a member of their Financial and Risk Policy Committee.

Maria Harris – Non-Executive Director

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Maria Harris
Maria Harris

Maria Harris is the former Director of Intermediary Lending at Atom Bank and is now a consultant specialising in fintech and digital transformation in the financial services sector. Maria is a well known and highly respected figure in the mortgage industry and was responsible for creating and launching Atom Bank’s disruptive and award-winning retail mortgages proposition. As a participant in a number of government and industry working groups, she continues to drive innovation in the home buying and mortgage sector. She is a Chartered Fellow with the Chartered Management Institute and holds supporting roles with NHS South Tees and Coadjute. 

Andrew Herd – Non-Executive Director

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Andrew Herd
Andrew Herd

Andrew Herd is the Managing Director of Lancashire Court Capital Limited, a London-based investment and consultancy business. He is Non-Executive Chair of VGC Developments Limited a UK leisure and gaming operator and a Non-Executive Director of Nexus Group Holdings Limited a property and publishing group. He is a chartered accountant and worked as a merchant banker for many years. He was Managing Director and Head of Financial Institutions at SG Hambros and held senior roles with Paribas Capital Markets and Morgan Grenfell.

Sarah Laessig – Non-Executive Director

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Sarah Laessig
Sarah Laessig

Sarah Laessig is an experienced financial services senior executive and non-executive director. She had a 17 year executive career at Citigroup, managing businesses across developed and developing markets. Sarah is a NED on the boards of Local Pensions Partnership Investment and is a Director of Citigroup (UK) Pension Trustees. Sarah was formerly a Commissioner on the Civil Service Commission, an independent regulator that oversees appointments to the Civil Service, and a Non-Executive Director of Valoot Technologies. Sarah holds an MBA from the Wharton School of the University of Pennsylvania and the Financial Times Non-Executive Director Diploma.

Michael Lewis – Non-Executive Director

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Michael Lewis
Michael Lewis

Michael Lewis has been involved in investment management since 1983, having worked at Ivory & Sime and Lombard Odier. He is Chairman of Strandbags Holdings Pty Limited, The Foschini Group Limited and Oceana Investment Corporation Limited (UK). He is also a Director of ATR Brands Limited (UK), Lefic SARL and a number of charitable organisations.

Stephen Lockley – Non-Executive Director

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Stephen Lockley
Stephen Lockley

Stephen Lockley is Chief Administrative & Finance Officer of the international development organisation World Vision International. He is a chartered accountant with many years of experience in financial services and investment banking. During his career, Stephen has been the Group Finance Director of Arbuthnot Banking Group PLC, CEO of Arbuthnot Latham Private Bankers, CFO of VisionFund International, a director at Charterhouse Bank and a Non-Executive Director of an investment fund and an insurance company.

Andrew Woosey – Non-Executive Director

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Andrew Woosey
Andrew Woosey

Andrew Woosey is an experienced Board Member and Trustee with significant experience in financial services. He is currently a Trustee and Committee Chair on the boards of the Centre for Economic Policy Research and Tom’s Trust, and also a Member of the European Advisory Board – Adjoint Inc. Andrew is a Senior Advisor and Committee Chair for a number of Bain Capital LLP’s portfolio companies. Andrew was previously a partner at Ernst and Young, is a qualified Chartered Accountant and graduated from Cambridge University.

Mark Stokes – Chief Commercial Officer

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Mark Stokes
Mark Stokes

Mark Stokes is the Chief Commercial Officer of United Trust Bank. He has over 20 years’ experience at executive committee level and has a broad knowledge of commercial banking including property and asset finance lending into commercial, SME and consumer markets. Before joining UTB Mark was Managing Director of Commercial Banking at Metro Bank and has held other senior roles at established and challenger banks including RBS, Lloyds Bank and Chartered Trust.

Environmental and social governance

Although our activities have limited direct impact on the environment, we are aware of the important role businesses can play in society and protecting our planet.