ASX adds ex-PwC Anne Loveridge to board, reveals restructure
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The news: Exchange operator ASX has appointed former PwC executive Anne Loveridge as a new non-executive director.
The company also announced changes to its board committee structure to "further strengthen directors' focus on risk management", after the Australian Securities and Investments Commission launched an inquiry into the bourse operator's governance, capability and risk management frameworks and practices earlier this month.
The numbers: Loveridge will join the ASX board on 1 July and stand for election at the company's annual general meeting on 23 October.
She previously served for 30 years at consulting giant PwC where she held several leadership positions, including deputy chair of its board of partners.
Loveridge is also a non-executive director at Platinum Asset Management and HSBC Australia, having previously served on the board of National Australia Bank for nine years.
The context: Loveridge's appointment comes as Melinda Conrad completes her final term as director, having joined the board in 2016. She will retire on 15 August. Audit and risk committee chair Peter Nash, who has been on the board since 2019, will also retire at the conclusion of the September board meeting.
ASX said its board is also assessing how to further "strengthen its oversight while managing for growing complexity". It will consequently separate its audit and risk committee into two distinct board committees.
The risk committee will oversee risk transformation work led by the company's new chief risk officer, and the business resilience work led by its chief operating officer.
The audit and supervision committee will focus on corporate reporting and the activities and independents of both ASX's internal audit function and external auditor.
The source: ASX
