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MYSTATE LIMITED — Board/Management Information 2013
Aug 12, 2013
65395_rns_2013-08-12_7cc6f378-eb5c-4d06-9e71-63bda2503b2c.pdf
Board/Management Information
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ASX and Media
Release
12 August 2013
Dr Michael Vertigan AC to retire as Chairman at the forthcoming AGM
Hobart, Monday, 12 August 2013: MyState Limited today announced that Chairman, Dr Michael Vertigan AC, advised the Board of his intention to retire from the Board at the forthcoming Annual General Meeting on 29 October 2013.
Dr Vertigan was appointed Chairman of MyState Limited during the formation of the Company following the merger between MyState Financial Limited and Tasmanian Perpetual Trustees Limited in September 2009. Dr Vertigan was previously a Director of Tasmanian Perpetual Trustees Limited since 2004.
The Board recognises and appreciates Dr Vertigan’s substantial and committed contribution during his tenure. His leadership has guided the Company through significant change, delivering growth to the Organisation and value for shareholders.
It is the Board’s intention, following Dr Vertigan’s retirement, to appoint Miles Hampton, a current Independent Non-Executive Director of MyState Limited, as Chairman. Mr Hampton has been appointed as Deputy Chairman effective immediately.
Mr Hampton has been a Director of MyState Limited since September 2009 and he is currently Chairman of the MyState Limited Board Group Risk Committee and a member of the Group Audit Committee.
The Board has considered its present size and concluded that in the current circumstances, it is appropriate that there be no more than seven Non-Executive Directors. This decision is consistent with the Company’s current approach to minimising costs where ever possible. The Company notes that, under its current Constitution, the Company may appoint up to twelve Non-Executive Directors and the conclusion of the directors on the appropriate size of the Board does not in any manner impact on the maximum number of directors which may be appointed under the Constitution. However, in support of its conclusion, the Board has resolved that, no new Director nominations will be endorsed for the forthcoming Annual General Meeting. The other retiring Director, Mrs Merridew, will be endorsed for re-election at this meeting.
ENDS
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About MyState Limited
MyState Limited is an ASX-listed diversified financial Group formed in September 2009 to effect the merger of MyState Financial Limited (MSF), an authorised deposit-taking institution, and Tasmanian Perpetual Trustees Limited (TPTL), a trustee and wealth management company. MyState acquired The Rock Building Society Limited, based in Rockhampton, in December 2011.
MyState Limited, MSF and The Rock are regulated by APRA and MyState Limited was enabled under Tasmanian legislation to own the authorised trustee company TPT. MSF, The Rock and TPT hold Australian Financial Services Licences issued by ASIC.
Media Enquiries
John Gilbert Managing Director, MyState Limited +61 3 6215 9601
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