Commonwealth Bank announces changes of directors
8 August 2006
Dr John Schubert, Chairman of Commonwealth Bank of Australia announced the retirement of Mr Tony Daniels and Ms Barbara Ward from the Board of the Bank and the appointment of Mrs Jane Hemstritch as a Director of the Bank. Mr Daniels and Ms Ward will retire at the Bank’s Annual General Meeting on 3 November 2006 and Mrs Hemstritch’s appointment will take effect from 9 October 2006.
The retirement of Mr Daniels and Ms Ward and the appointment of Mrs Hemstritch, and the recently announced appointment of Mr David Turner are made in accordance with the Board policy which limits the terms of Directors.
Dr Schubert said, "Tony Daniels and Barbara Ward have been Directors during a period when the Bank has undergone considerable change. Their contributions to the functions of the Board have been significant and their expert insights into the specific issues dealt with by the People & Remuneration Committee (of which Tony has been a member) and the Audit Committee (on which Barbara has served) have been a great assistance to the complex issues dealt with by those Committees. We wish Tony and Barbara well in the future".
Mrs Hemstritch is Managing Director for Asia Pacific, Accenture Limited, having been appointed to that role in November 2004. She is a member of Accenture’s global executive leadership team and oversees the management of Accenture’s business portfolio in Asia Pacific, spanning 12 countries and involving over 30,000 personnel. Mrs Hemstritch joined the company in 1982, became a partner in 1988 and has held several leadership roles within that organisation prior to being appointed to her current position.
Mrs Hemstritch holds a Bachelor of Science Degree in Biochemistry and Physiology and is a Fellow of the Institute of Chartered Accountants in Australia, a Fellow of the Institute of Chartered Accountants in England and Wales, a member of the Business Council of Australia and a member of Chief Executive Women Inc.
Mrs Hemstritch has professional expertise in technology, communications, change management and accounting. She also has experience across the financial services, telecommunications, government, energy and manufacturing sectors and in business expansion in Asia.
Dr Schubert said, "Jane will bring to the Board significant expertise across a broad spectrum of international business and is ideally suited to make a positive contribution to the Bank’s ongoing strategic direction".
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