Commonwealth Bank position regarding Board Members with banking experience

10 November 2003

The Bank would like to clarify its position in relation to recent newspaper coverage criticising Australian banks for not having Directors with banking experience on their Boards. The Commonwealth Bank’s Board comprises high calibre Directors, including two with direct experience in banking.

Warwick Kent brings experience both as an executive and non-executive director in the banking industry. He was a Managing Director and Chief Executive Officer of BankWest and, prior to that, had a long career with Westpac.

Ms Carolyn Kay has extensive experience in international finance, having been an executive with Morgan Stanley for 10 years in London and Melbourne. Prior to that, she worked in international banking and finance, both as a lawyer and banker in London, New York and Melbourne. She was also a non-executive director of Colonial State Bank.