Briefs: O’Sullivan new ANZ chair, APRA conditions on NULIS 28 August 2020 6:01AM Banking Day staff ANZ, Appointments, APRA, NAB, Finance regulation Incoming ANZ chair Paul O'Sullivan ANZ confirmed that Paul O’Sullivan will replace David Gonski as chair of the bank “at the finalisation of the full year results on 28 October”. Gonski retires from the board after serving as chair for the last six and half years. O’Sullivan joined the ANZ board only in late 2019. Formerly CEO of Optus from 2004 and 2012, O’Sullivan continues to serve as chair of the telco. He is currently chairman of Western Sydney Airport Corp and a director of Coca Cola Amatil. NAB will have to work with additional licence conditions on its subsidiary NULIS Nominees (Australia) Limited “to improve its governance and control environment, and ensure members’ best interests are prioritised in its decision-making,” APRA said. APRA’s actions follow an investigation into matters referred to it by the Royal Commission in February 2019. While APRA “has not concluded that NULIS breached the Superannuation Industry (Supervision) Act 1993, its investigation raised concerns about the adequacy of NULIS’s internal processes for demonstrating how members’ best interests were considered and prioritised.”
