Ian Narev Cba Strategy Board: How he plans to leverage Seek's assets and partnerships

Ms Shortt joined the CBA Group in 2002 and has held a number of senior roles in both CBA and Bankwest, including customer-facing, operations and strategy leadership roles. In March 2015, Vittoria was appointed Group Executive Marketing and Strategy. In this role, Ms Shortt reported directly to CEO Ian Narev as a member of the Group Executive Committee.

Ian Narev Cba Strategy Board

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What links this network of high-flyers? All serve either as board members or senior advisers to a Singapore-based firm called Serendipity Capital, a venture capital-like vehicle investing in disruptive trends in financial services. The strength of the CVs, and the Rolodexes they bring, is part of the whole pitch.

Commonwealth Bank of Australia on Tuesday scrapped its chief executive's bonus for damaging the bank's reputation amid allegations it broke money-laundering and counter-terrorism financing rules, but said he retained the board's confidence.

"In reaching this conclusion the overriding consideration of the board was the collective accountability of senior management for the overall reputation of the group," Chairman Catherine Livingstone said in a statement.

In order to prevent a board spill being triggered at the annual general meeting in November, the bank needs to ensure its remmuneration report is approved by more than 75 percent of voting shareholders, following a "first strike" against it in 2016. Under Australian law, a board spill can be triggered if two consecutive remuneration reports are voted down.

Stephen Mayne, a director at the Australian Shareholders' Association, which aggregates about A$500 million worth of CBA's shareholder proxy votes, said if that happened the bank would need to hold a special shareholders meeting spilling the board within 90 days of the meeting.

Narev would be pleased that none of his team are taking the blame for the AUSTRAC mess. But the final decision on accountability will await the outcome of an investigation by a four-member board sub-committee.

But there was no way the CBA board could ignore the mounting public pressure for management accountability. The pressure came from the Reserve Bank governor Philip Lowe, the Australian Securities and Investments Commission chairman Greg Medcraft and the federal Treasurer Scott Morrison.

Livingstone's decision to reveal Narev's departure date so soon after saying he had the full confidence of the board shows how quickly she can respond to a crisis situation being played out in public.

"I am really committed," he said. "I am really enjoying the job. The board has made its view clear and I am going to keep going until I can't give it 100 per cent or the board decides there is a better option.

"It won't surprise anybody that after six years in the job it's probably nearer the end then the start. I am not going to say from day one my departure date is X or Y. It's really a combination of an ongoing dialogue with me and the board on that topic."

However, if Matt Comyn does not get the nod from the board, either because he is regarded as not up to the job or is tainted by the AUSTRAC scandal, then it is certain the management will be turned upside down.

The remuneration report revealed that the CBA board used its discretion to slash the deferred variable remuneration of former group executives. The report said "reductions were applied to the vesting outcome of their deferred variable remuneration to reflect risk and reputation matters identified after they ceased as a group executive".

That puff of white smoke spotted at the Commonwealth Bank office on Monday morning may have been its embattled board signalling it's anointed a replacement for chief executive Ian Narev.

So the appointment of former Westpac veteran Rob Whitfield to the CBA board on Monday was as significant as Catherine Livingstone's appointment to the board last year.

Ian grew up in Auckland and is a resident in Sydney. He is currently Chief Executive Officer of SEEK, a market leader in online employment marketplaces operating across Asia Pacific and Latin America. Prior to this, Ian served as Chief Executive Officer of the Commonwealth Bank Group. Earlier in his career, he was the Head of the New Zealand office of McKinsey & Company. He is also the co-founder and current Chair of Springboard Trust, a non-profit organisation that has supported the principals of over 600 New Zealand schools.

The new NZRC Board will approve the new commercial strategy and the business plan including commercial goals, plans and targets, with a view to this being enacted from early 2023. New Zealand Rugby Commercial is committed to transparency and will at the appropriate time share details on its commercial strategy and what that means for players, fans, and anyone interested in rugby in New Zealand.

The boss of the nation's largest bank, the Commonwealth Bank of Australia's Ian Narev, was paid $8.32 million in the 2015 financial year, including a $3.18 million cash bonus as the board rewarded him for the bank's technology performance and high levels of staff and customer satisfaction.

CBA senior executives are paid short-term bonus based on the board's assessment of customer focus (which the board said was above target in 2015); balance sheet strength (on target); productivity (on target); technology (above target); and employee engagement (above target). Long-term rewards are linked to total shareholder returns and customer satisfaction numbers.

Ms Hemstritch said the CBA board was continuing with a review of executive remuneration at CBA. No changes were being proposed for the 2016 financial year, she said, and final outcomes would be considered in relation to the 2017 financial year.

"Our strategy has served us well in aligning rewards to our executive team for achieving sound profitable growth and delivering value for shareholders. In a rapidly changing market, we need to ensure it continues to do so," she said.

\\\"Our strategy has served us well in aligning rewards to our executive team for achieving sound profitable growth and delivering value for shareholders. In a rapidly changing market, we need to ensure it continues to do so,\\\" she said.

McCaw is the New Zealand Rugby Players Association representative, Reddy is an NZR board director, media entrepreneur and NZR board director Bailey Mackey have also been appointed alongside NZR chief executive Mark Robinson and Silver Lake managing directors Stephen Evans and Simon Patterson.

In his role as chair, Narev, who is currently chief executive officer of employment website SEEK, will lead the board and together with the other directors to oversee NZRC's business, focus on strategy, and support the executive team of NZRC.

"...We are excited about the business acumen, technology expertise and deep understanding of rugby we have on the board. Ian's passion for rugby alongside his commercial skills will be extremely valuable and we are looking forward to working with him."

Among his non-profit interests, he is a founder and the Chairman of the New Zealand-based Springboard Trust, which works with primary school principals to help improve school effectiveness. He is also a member of the board of non-selective Anglican school for girls, SCEGGS Darlinghurst, and he is Chairman of the Sydney Theatre Company.

Dr Leslie Loble, Deputy Secretary External Affairs and Regulation at the NSW Department of Education, also joins the advisory board. Dr Loble shapes NSW education policy and leads negotiations with the Commonwealth about education policy and funding. Before joining the Department, she was appointed by former US President Bill Clinton to several key roles in his administration, including Chief of Staff to then Labor Secretary Robert Reich.

Other external members include Chris Shaw, Principal of Hillvue Public School in Tamworth; Iris Nastasi, former Principal of Clancy Catholic College in Sydney and board member of the NSW Education Standards Authority; and John Bush, the General Manager, Education for charitable education group, the Paul Ramsay Foundation.

Shortt took on the CMO role after Andy Lark's departure two years ago. She has been with the bank since 2002 holding senior customer-facing, operations and strategy leadership roles across CommBank and BankWest.

The former Commonwealth Bank of Australia (ASX: CBA) CEO, Ian Narev, has been appointed the chief operating officer and CEO of the Asia Pacific business at online jobs board SEEK Limited (ASX: SEK).

After the shock allegations at the Royal Commission into Financial Services Mr Narev is probably not the only former banker trawling the jobs boards at SEEK and given his experience the news is likely to be well received by the market. 2ff7e9595c