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  • NAB’s (NAB) new appointee has decided not to step into the role of non-executive director after reconsidering his other commitments
  • James Spenceley’s appointment was announced last week, ahead of consideration by shareholders in December
  • However, he advised the board he does not want his appointment and other commitments to cause concern for NAB or his other business positions, following feedback from proxy advisors  
  • NAB says it will consider other candidates for the role in due course
  • NAB shares last traded 0.41 per cent lower at $29.33

National Bank of Australia (NAB) says James Spenceley has decided not to proceed with his recent appointment as a Non-executive Director of the company’s board.

Mr Spenceley was appointed to the role on October 20, with his duties set to take effect on December 1, ahead of consideration by shareholders at NAB’s annual general meeting later that month.

The bank’s chair, Philip Chronican, said Mr Spenceley had considered his overall commitments after receiving feedback from proxy advisors and some NAB investors.

“James was selected to bring diversity of experience to the NAB board and his interest in market transformation,” Mr Chronican said.

“He has advised that he does not want his appointment and other commitments to cause concern for NAB or his other business positions.”

“I have received feedback from proxy advisors on the impact of a large Board role on their ability to recommend my election at NAB and my other board positions. I appreciated the NAB opportunity and while I was comfortable with my capacity, I do not want to disrupt NAB, its shareholders or any company I am involved with,” Mr Spenceley said on the appointment.

Mr Chronican said the bank had accepted Mr Spenceley’s decision and would consider other candidates for the board in due course.

NAB shares were down 0.41 per cent to trade at $29.33 at 10:40 am AEDT.

NAB by the numbers
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