The Board of Directors

In February 2004, the then Chairman, Charles Allen, and Managing Director and Chief Executive Officer, Frank Cicutto, resigned from the organisation. Following this, John Stewart, who was at that time head of the National’s European operations and an executive Director on the Board, was appointed Managing Director and Chief Executive Officer. Graham Kraehe, an existing independent non-executive Director, was appointed Chairman.

Following the release of reports in March 2004 by the Australian Prudential Regulation Authority (APRA) and PricewaterhouseCoopers (PwC) into unauthorised foreign currency options trading, the Chairman and Directors committed to fundamental Board renewal. In April 2004, the Chairman announced a program to revitalise the Board and help drive cultural change within the organisation.

Since then, the Chairman announced several appointments to the Board, including:

• Malcolm Williamson, appointed non-executive Director from May 2004
• Paul Rizzo, appointed non-executive Director from September 2004
• Robert Elstone, appointed non-executive Director from September 2004
• Jillian Segal, appointed non-executive Director from September 2004
• Danny Gilbert, appointed non-executive Director from September 2004
• Ahmed Fahour, appointed CEO Australia from September 2004 and an executive Director from October 2004
• Michael Ullmer, appointed Chief Financial Officer from September 2004 and an executive Director from October 2004
• Michael Chaney, to be appointed a non-executive Director from December 2004 (and assuming the role of Chairman, September 2005)

The new Board has a strong diversity of experience across different industries and geographies. It has increased financial services, risk management, regulatory and not-for-profit expertise, and brings a fresh perspective to the National.

Mr Graham J Kraehe Chairman Non-executive director since 1997 Chairman since February 2004 Mr Kraehe brings to the Board almost 40 years’ experience in international, diversified industries, including leadership roles at Pacifica Limited and Southcorp Limited. He has extensive Board experience, and is also the Chairman of BlueScope Steel Limited.

Mr John M Stewart Managing Director and Chief Executive Officer Executive director of the National since August 2003 Managing Director and Chief Executive Officer since February 2004 Mr Stewart brings international banking and finance experience to the Board, having spent 26 years in the United Kingdom banking industry, including leadership positions at Woolwich plc and Barclays plc.

Mr Peter J B Duncan Non-Executive Director Non-executive director since 2001 Mr Duncan adds vast international experience to the Board, having spent 36 years with Royal Dutch/Shell Group of companies in Australia, New Zealand, South America, Europe and South East Asia.

Mr Robert G Elstone Non-Executive Director Non-executive director since September 2004 As Managing Director of SFE Corporation Ltd, the holding company of Sydney Futures Exchange Ltd, Mr Elstone has experience in the oversight of derivatives trading and risk management, public policy and regulatory issues.

Mr Ahmed Fahour Executive Director and Chief Executive Officer, Australia Chief Executive Officer, Australia since September 2004 Executive director since October 2004 Mr Fahour brings experience in international economics and financial services, including corporate and investment banking, consumer banking and investment management, predominantly with Boston Consulting Group and Citigroup.

Mr Daniel T Gilbert Non-Executive Director Non-executive director since September 2004 Mr Gilbert represents an important customer group for the National – small and medium businesses – having co-founded Gilbert + Tobin, a successful Australian law firm. He also brings not-for-profit experience to the Board, through extensive work in social justice issues and the arts.

Mr Paul J Rizzo Non-Executive Director Non-executive director since September 2004 Mr Rizzo’s broad financial management experience and skills, together with a background in banking, adds valuable financial services capabilities to the Board.

Ms Jillian S Segal Non-Executive Director Non-executive director since September 2004 Ms Segal brings legal and regulatory knowledge to the Board, as a former Commissioner of the Australian Securities & Investments Commission and as a current Director of Australian Securities Exchange Limited.

Mr John G Thorn Non-Executive Director Non-executive director since October 2003 With almost 40 years’ experience at PricewaterhouseCoopers (PwC), Mr Thorn brings insights in professional services and auditing, having been a member of PwC’s Global Audit Management Group

Mr Geoffrey A Tomlinson Non-Executive Director Non-executive director since 2000 Mr Tomlinson spent almost 30 years with the National Mutual Group (including six years as Group Managing Director and Chief Executive Officer), bringing valuable financial services industry experience to the Board.

Mr Michael J Ullmer Executive Director and Chief Financial Officer Chief Financial Officer since September 2004 Executive director since October 2004 Mr Ullmer brings more than 30 years’ experience in financial, banking and risk management to the Board. As a former partner with Coopers & Lybrand and KPMG, he also contributes significant auditing and financial advisory expertise.

Mr G Malcolm Williamson Non-Executive Director Non-executive director since May 2004 Mr Williamson brings to the Board extensive international experience in the financial arena as a former Chief Executive Officer of Visa International and having had senior leadership positions across a number of other financial services businesses.

Mr Michael Chaney Non-Executive Director from December 2004 Chairman from September 2005 Proposed non-executive director from December 2004 Proposed Chairman from September 2005 Mr Chaney is a highly respected business leader, with substantial experience in finance and other industries. He is the Managing Director and Chief Executive Officer of Wesfarmers Limited until his planned retirement in July 2005.

Further details of directors’ qualifications and experience are available in the Report of the Directors.

Click hereto download a PDF of the Concise Annual Report 2004 (2,596KB)