The soon-to-retire chief executive of QIC, Doug McTaggart, has been appointed to the board of Suncorp.
McTaggart's appointment was announced along with that of Michael Cameron and the resignation from the board of director Paula Dwyer.
Announcing the changes today, Suncorp chairman Ziggy Switkowski said McTaggart and Cameron brought considerable financial markets and business experience to the company.
He pointed out McTaggart's background both with QIC and as Queensland under-treasurer, and Cameron's role as the current managing director of GPT Group and his former roles at the Commonwealth Bank, NAB Wealth Management and MLC.
Switkowski said Ms Dwyer was stepping down from the board to take up a directorship in the financial services industry.
Australia’s corporate regulator has been told it must quickly modernise its oversight of private markets, after being caught off guard by the complexity, size, and opacity of the asset class now dominating institutional portfolios.
ASIC chair Joe Longo has delivered a blunt warning to superannuation trustees, cautioning that board-level ignorance of member complaints and internal failings will not be tolerated and could trigger enforcement action.
ART has cautioned regulators against imposing overlapping obligations on superannuation funds already operating under APRA’s comprehensive framework, saying that additional oversight should be “carefully targeted to address potential gaps in other parts of the market”.
The super fund has appointed Simone Van Veen as chief member officer.