Chair of NAB, Philip Chronican, has announced the appointments of Carolyn Kay and Christine Fellowes as independent non-executive directors in line with the board’s renewal strategy.
Subject to regulatory approval, Ms Fellowes’ appointment is expected to be effective 5 June, and Ms Kay’s from 31 July.
“The board is delighted to be welcoming Carolyn and Christine as directors. We expect they will each make an immediate positive contribution to the board,” Mr Chronican commented on the latest board additions.
Ms Kay brings more than 30 years of experience in financial services and governance and has been a director of enterprises across a broad range of sectors.
Currently, she serves as non-executive director with Scentre Group, Foreign Investments Review Board, and Myer Family Investments, and recently stepped down as a guardian of The Future Fund.
Speaking on Ms Kay’s appointment, Mr Chronican said she is “highly regarded across the various corporate, government, and for-purpose roles she has held and will add to the core banking industry knowledge on the NAB board, as well as an international perspective”.
Meanwhile, Ms Fellowes is a global media executive with experience in transformation, disruptive technology, and complex operating environments.
Ms Fellowes currently serves as independent board director with software company VIQ Solutions, and until October 2022, was managing director at NBCUniversal Media. Here, she was responsible for global networks as well as direct-to-consumer media and entertainment products and services for Asia-Pacific.
These latest additions take the NAB board to 11 directors, including the managing director.
Moreover, non-executive directors David Armstrong and Peeyush Gupta will stand down following the company’s 2023 annual general meeting in December, having both served three three-year terms on the board.
Earlier this month, NAB reported cash earnings of $4.07 billion for the half year ended 31 March, a 17.0 per cent increase on the same period a year earlier, with the bank benefiting from higher interest rates while facing the challenges of increased competition and slower economic growth.
The big four bank also reflected on banking failures in offshore markets and acknowledged that risk concerns are on the rise. It, however, assured that it is “well placed to manage through this period” and continues to grow.