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CBA names new board appointee

AAP  |  04 Sep 2017Text size  Decrease  Increase  |  

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BRISBANE - [AAP] Commonwealth Bank (ASX: CBA) has appointed NSW Treasury Corporation director Robert Whitfield to its board as it battles allegations of breaching anti-money laundering and terror funding laws.

Chairman Catherine Livingstone said Mr Whitfield, who has taken on the role as an independent non-executive director effective immediately, brings with him extensive risk management experience.

"Rob's broad risk management and public sector experience, as well as his extensive banking experience, will deepen the board's existing skills and expertise," Ms Livingstone said in a statement on Monday.

The director of NSW Treasury Corporation was previously secretary of NSW Treasury and of NSW Industrial Relations.

Before NSW Treasury, Mr Whitfield held senior roles during a 30-year career at Westpac.

Two directors will retire from CBA's board at the bank's annual general meeting on November 16.
Launa Inman, who has been on the board for 10 years and served on its audit and remuneration committees, and Harrison Young, who has been a board director for six years and was a member of the risk, audit and nominations committees will step down.

Andrew Mohl has been asked to stand for re-election and serve one more year due to his extensive insurance experience.

This follows the mid-August announcement that CBA chief executive Ian Narev will retire this financial year.

The federal government's financial intelligence unit launched civil proceedings in Federal Court in early August accusing CBA of breaching anti-money laundering and counter terrorism financing laws.

The bank also is facing an inquiry into its governance, culture and accountability by the Australian Prudential Regulation Authority, while the Australia Securities and Investments Commission is looking into whether CBA complied with its duties under the Corporations Act, including continuous disclosure obligations.

A shareholder class action also is on the cards.

 

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