MLC adds Westpac veteran to board

The insurance giant has appointed banking expert David Stephen to the board as an independent non-executive director. Stephen will also serve as chair of the board risk committee, replacing Andy Cornish who, following seven years on the board, is retiring as part of a planned board renewal.

A banking and financial services expert, he has a strong record in driving risk management and compliance for some of the world's largest financial services organisations.

He also has expertise in strategy, leadership, governance, culture, M&A, transformation, remediation and navigating the complexity of regulated industries.

Stephen served as group chief risk officer and a member of the executive teams of Westpac, Royal Bank of Scotland, and ANZ Bank.

He has also sat on the International Financial Risk Institute and the Financial Services Institute of Australasia boards.

MLC Life chairman, Peter Grey, called Stephen one of the most experienced risk professionals in financial services and said this experience will be a great asset for the insurer as it executes the next phase of its business strategy.

Grey thanked Cornish for his considerable service to the board since the acquisition of MLC Life by Nippon Life.

"He has played a critical role in the transformation of MLC Life Insurance to a standalone life insurer and leaves us well placed for future success."

Speaking on his appointment, Stephen said: "I look forward to contributing my financial services and risk management experience to the Board and the organisation as MLC Life Insurance seeks to achieve its ambition of becoming Australia's leading and most trusted life insurer."