NULIS names new chair

NULIS Nominees has appointed a new chair, replacing Nicole Smith, who is due to appear before the financial services Royal Commission this week.

According to the latest NULIS Nominees Executive Officer Disclosure, Peter Promnitz was appointed as chair in July 2018.

Smith resigned in June, together with independent non-executive director Evelyn Horton, who joined the trustee in May 2014.

Smith was appointed chair of NULIS in 2013, and has been on the board since October 2009. She's also served on the board PFS Nominees and MLC Nominees prior to the consolidation of the funds in 2016.

Her directorship history included Goldman Sachs Australia Managed Funds, Westpac and Teachers Federation Health.

Promnitz first joined the board responsible for the MLC Super Fund and products such as Plum, MasterKey Super, MasterKey and Wrap as a non-executive director in December 2017.

He is also a member of the MasterKey and Plum investment committee, the risk and audit committee and the successor fund transfer committee.

Promnitz serves on a number of boards, including Australian Unity as chair and Warakirri Asset Management as a non-executive director. He was previously chair of Marsh & McLennan Companies and SFG Australia.

Horton currently serves on a number of boards including as an independent director of Centuria Life, the Motor Accidents Insurance Board and Mission Australia.

NULIS, owned by the NAB group, has been the case study of the Royal Commission for the last two days.

NULIS acknowledged in its five submissions it engaged in misconduct falling below community standards and expectations.

In the statements, NAB acknowledged between September 2012 and January 2017, about $35 million in plan service fees were incorrectly charged to 220,460 members and deducted from their accounts without an actual service provided.

NULIS announced on 26 July 2018 that it would stop deducting a plan service fee from the MLC MasterKey Personal Super accounts from 30 September 2018.

Read more: NULISRoyal CommissionNicole SmithNABPlumMLC MasterKey Personal SuperPeter PromnitzEvelyn HortonAustralian UnityMLC Super Fund
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