Kevin Corbally has been named as ANZ's next chief risk officer, effective 19 March 2018. He succeeds Nigel Williams, who is retiring from ANZ to pursue a career as a non-executive director. He will be based in Melbourne, reporting to chief executive officer Shayne Elliott, and will become a member of the group's executive committee. Corbally joined ANZ in 2009 and is currently group general manager of internal audit, after having held senior institutional banking and credit management roles. Previously, he was managing director and head of corporate and commercial banking at Citigroup in Australia and New Zealand. A bill calling for the establishment of a government-run KiwiSaver superannuation fund has passed its first reading in the New Zealand parliament. It would establish an independent working group of banking and retirement sector specialists to advise on setting up a government KiwiSaver provider with lower and transparent fees, preferential treatment for NZ-based social and ethical investments, and a government guarantee. It has long been promoted as an idea by Winston Peters and the New Zealand First party, who are now in government as part of the Labour-led coalition government. Around 75 per cent of New Zealanders invest in a KiwiSaver scheme, with the sector currently dominated by the local subsidiaries and branches of the Big Four Australian banks.