NULIS Nominees has added a former Vanguard Australia director and three other non-executive directors to its board, as ASIC chases it in Federal Court.
NULIS, which oversees NAB's superannuation funds with $75 billion in assets under management, in December added Steve Schubert, Beth McConnell and Karina Kwan and Kathryn Watt as non-executive directors.
The appointments come as ASIC cleared NULIS of additional license conditions put on its AFSL nearly three years ago. The regulator is pursuing NULIS in the Federal Court over fees for no service conduct, and also working with it to improve in line with Royal Commission recommendations.
Steve Schubert has been appointed the chair of MasterKey and Plum Investment committee.
He was Russell Investments' managing director of superannuation for a period. He has also worked as a Mercer partner and was most recently the chief executive of Melbourne equities shop Cooper Investors.
Beth McConnell has 30 years of experience and is an industry panel member at Australian Financial Complaints Authority (AFCA).
Karina Kwan is currently a director at WAM Active and ASX-listed regtech Kyckr. She has held senior roles at CBA, and Citi.
Kathryn Watt has over 30 years of experience including as a director of Vanguard Investments Australia. She has held roles at Minter Ellison and Hive Legal.
Watt is currently a director with several NAB subsidiaries including MLC Wealth and hence will be a non-independent director while the other three appointments are independent.
The additions take the NULIS board to eight directors, from a previous four as at September end.
NAB first signaled the additions in NULIS chair Peter Promnitz's opening statement to the House of Representatives.
"Our four new directors possess diverse and extensive experience in financial services, and I welcome them to the board," Promnitz said in an emailed statement today.
"I look forward to their valuable contributions to the governance of Australia's largest retail super fund, and their support to deliver a great outcome to its members."
NULIS Nominees oversees about 10 superannuation or retirement options, totaling $75 billion as at September end.
The biggest of these is the $22.7 billion Plum Superannuation Fund Employer Division and the $21 billion MLC MasterKey Business Super.