Our Board Members

Principality Building Society is run by the senior management team, who are overseen by the board of directors.

As a progressive mutual society, with a long and trusted heritage, Principality has built up a strong Board with a wide range of skills and experience. This knowledge and expertise enables the Board to build on Principality’s strong foundations and enhance the Members’ dividend.

Laurence Philip Adams MA, (age 61), Chairman, Non-Executive Director

Laurence Philip AdamsI was appointed a Non-Executive Director of the Society in August 2013 and was elected Chairman in April 2014. I am also a member of the Remuneration and Governance and Nominations Committees. As Chairman I am very aware of the important role that the Society plays within the communities which it serves and the importance of maintaining the trust and confidence of Members. I am responsible for leading the work of the Board, ensuring the Board operates effectively, ensuring that robust succession plans are in place, ensuring that the Society maintains the highest standards of corporate governance and a transparent and open culture.

I have more than 25 years’ experience in the banking industry, to help advise and guide the Society through the increasingly demanding and complex regulatory environment in which it now operates. Most recently I have been involved as a Non-Executive Director helping to rescue the troubled Northern Rock PLC in 2007 where I headed the Risk Committee.

I am a qualified solicitor and previously served as Managing Director and Global Head of Legal and Compliance for the investment banking wholesale division of ABN Amro Bank and had a similar role for Citibank.

Born in 1956, I lived in Neath until I was five before moving to Barry where I went to school. I currently live in London with my wife and two children. I am a Non-Executive Director of Exane Limited.

Nigel Charles Annett CBE, MSC, MA [Hons], DSC Econ, (age 59), Non-Executive Director

Nigel Charles AnnettI joined the Board of Principality as a Non-Executive Director in October 2013. I now serve as Chairman of the Board’s Customer and Conduct Committee. Since November 2017 I have re-joined the Board Risk Committee having stepped down as a member of the Audit Committee at that date. I also serve as a member of the Governance and Nominations and Remuneration Committees. As Chair of the Customer and Conduct Committee I am responsible for making sure that the fair treatment of Members and customers is central to the Society’s culture and operations.

I used to work in investment banking, but after ten years I decided on a change of career and joined the Board of Welsh Water, initially as Planning Director. I was one of the founding Directors of Glas Cymru, the not-for-profit company that took over the ownership of Welsh Water in 2001, and I was Managing Director of Welsh Water until 2014. In addition to serving on the Board of Principality I am also a Board member of the Canal and River Trust and a Trustee of the Community Foundation in Wales. I believe strongly that mutual business models can do a great deal of good for the people and the communities that they serve.

I have lived in Wales for more than 25 years and I have two grown up boys both of whom recently graduated from university.

Thomas Denman ACA, (aged 43), Chief Financial Officer

Tom DenmanI was appointed Chief Financial Officer on 1 June 2017 and joined the Board in August 2017. I have worked for the Society for 8 years after joining in February 2009. Initially I held a senior finance role in the subsidiary businesses and later for the Society covering business partnering, planning and strategy. I was appointed Deputy Finance Director in March 2016 with responsibility for all of finance, treasury operations, procurement and legal services. I chair the Asset and Liability Committee and am a member of Executive Committee and the Executive Risk Committee. I also attend all meetings of the Board Audit and Board Risk Committees.

I am a qualified Chartered Accountant and bring over 20 years’ experience in finance to my role. Prior to joining the Society, I held a number of finance roles across a range of industries including commercial property, infrastructure and the legal profession along with 5 years with PwC in Cardiff and Sydney.

I was born to Welsh parents in 1974 and after spending my childhood years in Germany where my parents were teachers, I returned to Wales to study at Cardiff University. After 4 years working in Australia I returned to Cardiff in 2004 and live north of the city with my wife and 2 children. Sport plays a big part of my life and I juggle competing in triathlons with watching my son play football and rugby and my daughter in athletics!

My role as CFO is to ensure we plan and manage our capital, liquidity and funding in the long term interests of our Members.

Claire Hafner (Age 58), Non-Executive Director

Claire HafnerI was appointed to the Society’s Board as a Non-Executive Director in April 2018.

I am a qualified accountant (ACA) and have an MA in Languages and Economics. I trained and qualified at Ernst and Young in the audit department of the Financial Services department followed by a further three years in corporate tax. During my career I have performed a broad range of roles across multiple sectors (including Financial Services, Payments. Professional Services, Multimedia and Telecoms). I have previously served a term of six years as a non-executive director of the West Bromwich Building Society which has enabled me to develop a deep appreciation of the ethos of the mutual sector. My experience across Financial Services and Payments Industry and Professional Services sector and the Multimedia and Telecoms industry will enable me to contribute to the Society’s change programme and to contribute to the Society’s continuing success.

As a Board member at the Principality I also serve as a member of the Board Audit, Remuneration and Governance and Nominations Committees.

I am married and my family home is in London. I have two grown up children.

Julie Ann Haines MSC, BA [Hons], (age 45), Chief Customer Officer (Formerly Customer Director)

Julie Ann HainesI was appointed to the Board in May 2016 and have been the Society’s Customer Director since 2012. In my role as Chief Customer Officer I am responsible for strategy, marketing, distribution and leading the Society’s transformation programme as Executive Business Sponsor. I am responsible for savings and mortgages as well as the Commercial Lending portfolio within the Society. My role is designed to ensure that the Society adapts to the fast-paced environment in which we operate, ensuring we have a business that meets the needs of our Members and customers through fantastic customer experience, a range of channels and products which help Members prosper at every stage of their life. As part of my role I am responsible for ensuring that our colleagues play an active part in the communities we live and work in demonstrating our mutual value through many community projects.

I originally joined the Society in 2007 to build and develop our award winning e-commerce business. Prior to Principality, I held a number of senior roles in sales, marketing and technology, working in leading customer-centric businesses including Sainsbury’s, Reckitt Benckiser and HBOS.

I am the current Chair of The Mortgage Committee, Cymru, for UK Finance which represents mortgage lenders and promotes sustainable housing finance in Wales. I also sit on the End Youth Homelessness Steering group, to ensure that young people in Wales have the support required in very challenging circumstances.

I was born and educated in Scotland, but Cardiff has been my home since 1999. I’m married to a Welshman and we have two daughters. Outside of work I love watching rugby, I am a fan of all types of music and a keen theatre goer.

Derek Anthony Howell BSc [Hons], FCA, (age 63), Non-Executive Director

Derek Anthony HowellI was appointed a Director of the Society in April 2014 and have subsequently been appointed to the role of Senior Independent Director. I also serve as Chairman of the Audit Committee and as a member of the Board Risk and Governance & Nominations Committees. As Senior Independent Director I act as a sounding board for the Chairman, serve as an intermediary for other directors, and am responsible for leading the annual review of the Chairman’s performance. I am also available to Members if they have concerns which they have not been able to resolve through the normal channels of the Chairman, Chief Executive or other executive directors or for which such contact is inappropriate. I also serve as the Board appointed Whistleblowing Champion.

I hold a degree in mathematics and qualified as a Chartered Accountant with Price Waterhouse – subsequently Pricewaterhouse Coopers [PwC]. During my time with that firm I worked originally in the audit team and eventually specialised in corporate recovery and insolvency work, becoming a partner in 1988. I retired from the PwC partnership in April 2013 and have been engaged on a part-time basis since as a consultant, working on the Lehman insolvency.

I am also Treasurer of St John Cymru Wales and a trustee of both the National Botanic Garden of Wales and Artes Mundi.

Born in 1954, I am married with two grown up children and live close to the centre of Cardiff.

Steve Hughes (age 45), Chief Executive

Stephen HughesI was appointed Chief Executive Officer in March 2017 which was a proud moment for me and my family. I joined the Society as Group Deputy Finance Director in December 2011 and was appointed to the Society’s Board in March 2013 as Group Finance Director with responsibility for Finance, IT and Business Change. I chair the Executive Committee and am a member of the Executive Risk Committee. I also attend all meetings of the Board, Audit, Customer and Conduct, Remuneration and Risk Committees. I am responsible for reporting to the Board on all aspects of the Society’s strategy, performance, risk management and our people agenda. I am committed to ensuring that the Society adapts to the changing environment in which it operates , that we future proof our business for current and future generations of members and create a great place to work, all of which will underpin our fantastic personal service to members and customers.

I am a qualified Management Accountant and bring over 25 years’ experience in finance from a range of industries including manufacturing, retail and insurance. Prior to joining the Society I performed the role of Finance Director of the Lloyds Banking Group General Insurance business. As CEO of Principality and as Chairman of the Wales Advisory Board for Business in the Community (BITC) I am passionate about our community work and the difference it can make to people’s lives in our heartland.

I was born in Swansea in 1972 and continue to live close to that city with my wife and three sons who share my passion for sport, with our weekends taken up by both watching and playing football and rugby. I believe in the mutual model, we are a member owned organisation and I believe my role as CEO is to ensure we run the business in the long term interests of our members. I am clear that our people are the organisation’s greatest asset and I am committed to investing in our culture, leadership and talent development.

Robert Michael Jones BA [Hons], MBA, ACIB, (age 59), Chief Risk Officer (Formerly Group Risk Director)

Robert Michael JonesI joined the Society’s Board in February 2013. Having worked for the Society since 1997, I was appointed Head of Group Risk in 2005 and promoted to the role of Director of Group Risk (now Chief Risk Officer) in 2009. I have attended full Board meetings since September 2009 and attend all meetings of the Board Audit and Risk Committees. I am a member of the Executive Committee and chair the Executive Risk Committee. I also attend meetings of the Model Governance Committee and the Asset and Liability Committee.

I have spent over 35 years working in financial services, starting my career at Midland Bank and subsequently at HSBC, undertaking a number of managerial roles in both the retail and corporate banking divisions. I hold a degree in Economics, an MBA from Henley Management College, and I am an Associate Member of the Chartered Institute of Bankers. Together with the Chief Financial Officer I have particular responsibility for ensuring that the Society maintains a strong capital base which will enable it to continue to grow and compete successfully over the long term.

Born and educated in Denbigh, North Wales, I now live just outside Cardiff and am married with two children.

Sally Jones-Evans FCIB, MBA, MSC (age 51), Non-Executive Director

Sally Jones-EvansI was appointed to the Society’s Board in February 2015. Since joining the Board I have become Chair of the Remuneration Committee and also serve as a member of the Customer and Conduct and Governance and Nominations Committees. In addition with effect from 1 November 2017 I now serve as a member of the Society’s Audit Committee. As Chair of the Remuneration Committee I am responsible for ensuring that the Society’s remuneration and reward strategy, policy and procedures follow best practice, support the strategy approved by the Board, and reflect the best interests of Members.

Formerly, I spent 30 years in retail banking and general insurance during which time I gained wide ranging experience in leading people through change, mainly in areas directly serving customers including the branch network, telephone centres, internet banking and operations centres; I believe that helps me to support the Executive Leadership team to shape the Society’s ongoing change agenda. I am always impressed by the dedication and skills of our teams in the Principality who are so passionate about looking after our Members.

I also sit on the Hafren Dyfrydwy Board and the Board for Department for International Development, the latter due to my deep interest in strategies to lift people out of poverty in the developing countries of the world, especially Africa where I have also spent time in voluntary service. More recently I have become a board member of the Tearfund Charity.

My husband Alun and I were both born and educated in Cardiff, and we lived in the Vale of Glamorgan until work commitments moved us to Wiltshire some years ago. We love Welsh rugby, and music of many kinds, and spend a lot of time in Pembrokeshire.

David Rigney ACMA, MBA, MA, (age 54), Non-Executive Director

David James RigneyI was appointed to the Society’s Board in March 2015. Along with my Board responsibilities I serve as a member of the Board Audit, Risk and Governance and Nominations Committees. In addition I am Chairman of Nemo Personal Finance Limited, a wholly owned subsidiary of Principality Building Society and with effect from 1 November 2017, now serve as a member of the Customer and Conduct Committee.

I am a Chartered Management Accountant and during my career I have performed a broad range of roles across multiple sectors including a Board Director at Nationwide Building Society. I believe this experience leaves me well placed to contribute to the Society’s ongoing change programme and to have the opportunity to contribute to the Society’s continuing success. I passionately believe in the mutual business model and everything that I see at Principality demonstrates that the customer is truly at the heart of the business.

I am also a Member of the LINK Board, Non-Executive Director and Senior Independent Director of Elexon Limited and Deputy Chairman of Sports Resolutions Limited.

Born in 1963, I now live in Bristol.

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