Simon McKeon AO appointed to National Australia Bank Limited Board
The Chairman of National Australia Bank Limited, Philip Chronican, today announced the
appointment of Simon McKeon AO as a non-executive director of NAB, effective 3 February 2020.
Mr McKeon is a respected and experienced director and business leader with extensive
experience in banking, risk management and governance.
Mr Chronican said: “My fellow directors and I are delighted Simon has accepted our invitation to
join the Board and look forward to the insights that he will bring from a range of sectors, including
financial services, the law, government, education and charities.”
Mr McKeon said: “Our largest financial services organisations provide financial stability and
essential services to consumers and businesses, while at the same time employing tens of
thousands of Australians and providing substantial community support.
“In recent years these organisations including NAB have been subjected to significant and wellfounded criticism while also becoming increasingly complicated and challenging entities to run.
“Joining NAB as a director gives me an opportunity to assist the improvement process from the
inside, while also supporting the bank’s ambitions at a time of seriously enhanced competition.”
Mr McKeon is the Chancellor of Monash University and a non-executive director on the boards of
Rio Tinto and Spotless Group. He served as inaugural President of the Banking + Finance Oath’s
Review Panel and is a Fellow of the Australian Institute of Company Directors.
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Mr McKeon practiced as a solicitor before joining Macquarie Group, where he had a 30-year career
that culminated in the role of Executive Chairman (Melbourne Office). Simon has also served as
non-executive director and Chairman of MYOB Limited and AMP Limited, Chairman of the
Commonwealth Scientific and Industrial Research Organisation (CSIRO) and was the founding
president of the Australian Takeovers Panel.
Mr McKeon was named 2011 Australian of the Year and in 2012 was named an Officer of
the Order of Australia for his distinguished service to business and commerce through leadership
and advisory roles, and to the community as a supporter of national and international charitable,
educational and sporting organisations.
Mr McKeon’s appointment is subject to regulatory approval.
courtesy of Bell Direct
( DYOR )
i do not hold this share directly ( but have exposure via LICS and ETFs )
well that won't inspire me to buy into NAB ,
i entered NAB at $24.810 on 15 Jan ... its now $26.900
Total Gain 8.42%
its up another 3% so far today ... a good little earn ... on this news in their Pillar 3 report:
National Australia Bank has signalled there could be another delay in its plan to offload MLC as it reported a 1 per cent rise in profits on the back of wider margins.
In a trading update on Thursday, NAB said the business environment was "challenging" for its wealth operations, MLC, and this could further delay plans to exit the business, such as through a sharemarket float.
NAB said it continued to aim for an exit of MLC, which is grappling with major changes in wealth, including upheaval in the financial advice sector after a series of scandals.
NAB said it hopes to list MLC, but the bank did not repeat chairman Phil Chronican's comment from late 2019 that it would close the deal during 2020. While it did not provide a new timeline, NAB said it may not exit MLC by the end of its current financial year at September 30.
"Work on operational separation has progressed well but the business environment remains challenging. This may defer exit beyond FY20," NAB said.
It is the second delay in a plan to offload the wealth business after NAB last February said that its plan to demerge MLC had been pushed back until 2020. It comes as wealth managers are grappling with heavy compensation costs, intense scrutiny from regulators, and a suite of new laws in response to the banking royal commission.
The update released on Thursday also showed NAB's unaudited cash profit rose 1 per cent in the three months to December to $1.65 billion, helped by a "slightly higher" net interest margin and lower charges for bad loans.
NAB's net interest margin, which compares the cost of funding with what the bank charges for loans, benefited from the industry-wide move to not pass on last year's official interest rate cuts in full to borrowers.
Charges for impaired loans fell 25 per cent to $185 million, a two-year low, while the proportion of customers falling behind on loans edged up 1 basis point, to 0.94 per cent.
New chief executive Ross McEwan said the bank showed was a "sound" performance as one of NAB's top priorities was to grow "safely" against a backdrop of very low interest rates. NAB removed 32 fees in the December quarter and Mr McEwan said he was focused on simplifying the bank by cutting the number of products and rationalising its technology systems.
"Twelve months on from the conclusion of the royal commission, we remain focussed on building confidence and trust in our bank by addressing legacy issues where customers were treated poorly," Mr McEwan said.
Mr McEwan, a former chief of the Royal Bank of Scotland, said the lender was continuing to compensate customers, while also carrying out "regulatory compliance investigations" linked to class actions and legal action by the watchdog. He flagged the potential for "additional charges" as a result, but said the amounts of money involved were uncertain.
Mr McEwan has been leading a review of the bank's strategy since he took the reins in December, and he has said he would have a "very strong" look at lender's costs.
"Work is underway to refresh our strategy and build a plan for the next five to ten years, defining our ambition and being clear on the bank we want to be: one that gets the basics right, delivers for customers, is safe and secure and has the culture we need for NAB to be a leading bank again," Mr McEwan said.
one thing i miss on this website is the Price When Posted ... that was a handy little feature to track our sentiments
another +2.38% today, so far, as the market analyses how good the report was, and new home owners entering the market ... plus new money coming into the market looking for yield
As Fool says:
National Australia Bank Ltd (ASX: NAB)
With the housing market now rebounding, I expect trading conditions to improve for the big four banks in near term. Which could make it a good time to pick up the shares of NAB. Especially with them changing hands on below average multiples and offering one of the more generous dividend yields on the local market. Even after factoring in a potential cut in FY 2020, I estimate that its shares offer investors a fully franked forward 6.3% dividend yield.
what a shame i don't buy the housing recovery story , yet