IFSA unveils board of directors

The Investment and Financial Services Association (IFSA) has re-elected Perpetual Trustees managing director David Deverall, MLC chief executive retail investment Stephen Tucker, Queensland Investment Corporation chief executive Doug McTaggart and ING chief executive Paul Bedbrook to its board of directors, with all four bracing for a busy twelve months ahead.

“The focus of our stakeholders - consumers, politicians of all persuasions, media and specialist lobby groups will continue to intensify,” Bedbrook said.

Tucker said IFSA would continue to lobby heavily on behalf of financial advisers over the next year.

“My first years as an IFSA board member has been a year of unprecedented activity from the regulator, consumer groups and IFSA,” Tucker said.

“In 2005 IFSA will support the growth of the advice industry and improved transparency, as I believe it is in our customers best interests.”

Deverall said the success of the industry required industry participants to engage in the corporate governance domain, as this ultimately impacts returns.

“Investment managers in the coming year will need to work harder for results,” Deverall said.

McTaggart will keep his position as chair of the board after his re-election, with Vanguard managing director Jeremy Duffield and AMP Financial Services managing director Craig Dunn, who were not up for re-election, taking on the deputy chair roles

The thirteen strong board also comprises Morgan Stanley’s executive director Jon Buckridge; BT Financial Group chief executive Rob Coombe and Merrill Lynch managing director Maurice O’Shannassy, who were not up for re-election.

John Pearce and Richard Sherman of Colonial First State and AXA respectively will also be continuing their board tenure along with Justin Wood of Barclays Global Investors and Mercer’s Simon Regan