NED & Chair of Audit & Risk Committee Appointment

SIG plc announces a near-term board succession with a seasoned audit chair.

What the company is saying

SIG plc has appointed Martin Towers FCA as an independent Non-Executive Director and Chair of the Audit & Risk Committee, effective 1 January 2027, with his Board membership commencing 1 November 2026. Towers will also join the Nominations and Remuneration Committees. The company highlights Towers' extensive experience, citing his prior roles as Chairman of Restore plc, Tyman plc, and Norcros plc, and as Audit Committee Chair at KCOM plc, Spice plc, and RPC Group plc. The announcement frames the transition as the result of a comprehensive search process and positions Towers as a highly experienced sector specialist. Shatish Dasani, the outgoing Non-Executive Director, will step down on 31 December 2026 after nearly six years of service, with the company expressing gratitude for his contributions to financial processes and risk management. SIG explicitly states that no remuneration or loss of office payment will be made to Dasani after his departure. The tone is factual and focused on governance continuity.

What the data suggests

The announcement provides a clear timeline for the board transition: Martin Towers joins the Board on 1 November 2026 and assumes the Audit & Risk Committee Chair role on 1 January 2027. Shatish Dasani's tenure is specified as just under six years, from February 2021 to 31 December 2026. Towers' credentials are detailed, including his FCA qualification and previous executive and non-executive roles at multiple listed companies, notably as Group Finance Director of Kelda Group plc when it was a FTSE 100 constituent. The process is described as a third-party search, suggesting formal governance procedures. The company confirms no additional payments to the outgoing director, which aligns with best practices for board transitions. No financial or operational performance data is disclosed, as expected for a governance announcement. All material facts about the succession, roles, and timing are fully stated.

Analysis

This announcement is a routine board and committee appointment notice, detailing the succession of the Audit & Risk Committee Chair at SIG plc. The language is factual and proportionate, with no exaggerated claims or promotional tone. All forward-looking statements (such as the dates Martin Towers will join the Board and assume committee roles) are standard for governance transitions and are not aspirational or inflated. There is no mention of financial performance, operational milestones, or capital outlays, and no attempt to link the appointment to future business or financial benefits. The only forward-looking elements are the effective dates of the new appointments, which are clearly disclosed and imminent within the next few months. No hype or narrative inflation is present.

Risk flags

• ●Board transitions can introduce short-term uncertainty, particularly in oversight functions such as the Audit & Risk Committee, though the appointment of an experienced chair mitigates this risk.
• ●The announcement relies on stated prior roles and qualifications for Martin Towers without third-party verification or detail on recent active experience, which may limit independent assessment of his current sector engagement.
• ●No mention is made of any overlap or handover period between the outgoing and incoming Audit & Risk Committee chairs, which could pose a minor risk to continuity if not managed internally.

Bottom line

This is a standard governance update detailing the planned succession of SIG plc's Audit & Risk Committee Chair, with Martin Towers set to join the Board in November 2026 and take over the committee in January 2027. Towers brings a strong track record in listed company governance and finance, which should support board oversight. The transition is structured and transparent, with no additional payments to the outgoing director and all key dates disclosed. There is no immediate operational or financial impact from this change, but the appointment signals continued focus on experienced board leadership. Investors should view this as a routine but well-managed board refresh, with the most important takeaway being the maintenance of governance standards during the transition.

Announcement summary

(LSE:SHI) SIG plc has announced the appointment of Martin Towers FCA as an independent Non-Executive Director and Chair of the Audit & Risk Committee. Martin Towers will join the Board on 1 November 2026 and will assume the Chair of the Audit & Risk Committee with effect from 1 January 2027. He will also become a member of the Nominations and Remuneration Committees. Martin Towers replaces Shatish Dasani, who will step down as a Non-Executive Director on 31 December 2026 after serving on the Board for just under six years. Martin Towers has previously served as Chairman of Restore plc, Tyman plc, and Norcros plc, and as Audit Committee Chair at KCOM plc, Spice plc, and RPC Group plc, as well as Senior Independent Director at RPC Group plc. He is a qualified chartered accountant and was previously Board member and Group Finance Director of Kelda Group plc, the holding company of Yorkshire Water, which was a member of the FTSE 100 at the time. The appointment follows a comprehensive search process conducted by a third party Board search firm. Andrew Allner, Chairman, stated that the Board is delighted to welcome Martin Towers, highlighting his experience in building products and distribution sectors. The Board expressed gratitude to Shatish Dasani for his dedication and contribution to strengthening SIG's financial processes and risk management framework since joining in February 2021. The company confirms that no remuneration payment will be made to Shatish Dasani after he ceases to be a Non-Executive Director, and no payment for loss of office has been or will be made. Martin Towers stepped down as a director of Restore plc on 31 October 2021. There are no further details to be disclosed in respect of UKLR 6.4.8 (1) to (6).

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