Henry, 54, was with Treasury for more than 25 year, 10 of which were as secretary, until he left early this year.
Taree-born Henry was made Companion in the Order of Australia in 2007 for services to the development and implementation of economic and taxation policy to the finance sector through a range of banking and regulatory bodies.
The order was also awarded for his work in welfare and care of native wildlife.
NAB chairman Michael Chaney said the bank's directors were delighted Henry had accepted their invitation to join the board because of his extensive experience in domestic and international finance.
Henry chaired the eponymous review of the tax system, established by the federal government in 2008 to examine Australia's tax and transfer system, including state taxes, and make recommendations to position Australia to deal with the demographic, social, economic and environmental challenges of the 21st century.
The results were released in May last year and the review received muted enthusiasm from accounting body CPA Australia.
The government's response to proposals in the Henry review was an opportunity missed because it was too narrow in focus, CPA Australia said.
"The Henry review represented a once-in-a-generation opportunity for comprehensive reform, but what we have is a package reliant on one, albeit substantial, new tax," CPA Australia CEO Alex Malley said.
"CPA Australia would have liked to see a broader, more comprehensive approach, with a clearer and more immediate plan of execution to give business much needed certainty.
"What also appears to be lacking is a plan to eliminate the inefficiencies and duplication which currently plague the Commonwealth/state tax regime." «
