CFS chair to retire from board

30 October 2020
| By Chris Dastoor |
image
image
expand image

The Commonwealth Bank of Australia (CBA) has announced the chair of Colonial First State (CFS) and Avanteos Investments, Anne Ward, will retire from the board at the end of 2020.

The firm said the announcement would allow for an orderly transition and the appointment of a new chair.

Subject to regulatory approvals and other customary conditions, CBA was aiming for the sale of 55% of CFS to KKR to complete in the first half of calendar year 2021.

“I look forward to watching as CBA and KKR deliver on their commitment to establish CFS as a focused, standalone business and as CFS continues to deliver improved outcomes for members and investors in the coming years,” Ward said.

Ward had served eight full years as a non-executive director and chair.

David Cohen, CBA deputy chief executive, said Ward’s decision to retire after eight full years comes at a time when the business and its management team were well placed for future success. 

“Preparations are well underway for CFS’s establishment as a focused, standalone business with a separate management team and board under its new ownership arrangements,” Cohen said.

“I would like to acknowledge Anne’s strong leadership of the board and thank Anne for her significant contribution to CFS and commitment to improving member outcomes.” 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 1 week ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 1 week ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 1 week ago

A Sydney-based financial adviser has been banned from providing financial services in the interest of consumer protection after failing to act on conduct concerns. ...

3 weeks 3 days ago

ASIC has cancelled the AFSL of a $250 million Sydney fund manager, one of two AFSL cancellations announced by the corporate regulator....

3 weeks 1 day ago

Having divested its advice business in August, AMP is undergoing restructuring in at least four other departments amid a cost simplification program....

2 weeks 5 days ago