Insights

IAG (ASX:IAG) share price lifts following major board reshuffle

The IAG share price is rising after revealing a board reshuffle.
The post IAG (ASX:IAG) share price lifts following major board reshuffle appeared first on The Motley Fool Australia. –

The Insurance Australia Group Ltd (ASX: IAG) share price is rising after the insurer revealed a major board reshuffle.

IAG is the parent business of a number of insurance companies across Australia and New Zealand such as NRMA Insurance, CGU, SGIO, SGIC, Swann Insurance, WFI, NZI, State, AMI and Lumley. It also has an interest in a general insurance joint venture in Malaysia.

IAG’s board retirements

The IAG Chair, Elizabeth Bryan, will retire from the company at the annual general meeting (AGM) on 22 October 2021 after six years leading the business.

To replace her, the new chair will be Tom Pockett. Mr Pockett has been a director of the business since 2015 and chair of the audit committee. He is also the chair of both Stockland Corporation Ltd (ASX: SGP) and Autosports Group Ltd (ASX: ASG).

Ms Bryan said:

The IAG board under Mr Pockett’s chairmanship will be a strong one that will combine a deep understanding of IAG and its Australian and New Zealand business with its new members’ deep insight into the developments taking place in the international general insurance market.

A second director, Duncan Boyle, will also retire from IAG’s board on 22 October 2021. Mr Boyle has served on the board for five years, including three years as the chair of the risk committee.

Chair Ms Bryan acknowledged the contribution that Mr Boyle had made to the board’s deliberations with its long experience of the global insurance industry.

With the impacts of COVID-19 still being felt, the IAG share price is down 5% over the last five years.

New directors

IAG also announced that three new directors will join as part of the process to renew the board to ensure it has the right mix of skills and experience to support the company.

The company said that the new directors “bring deep insurance and public company governance experience to their roles, and their skills will supplement those of the existing directors.”

The three new directors are: David Armstrong, George Sartorel and Scott Pickering.

Mr Armstrong will become the new chair of the audit committee, at the end of the 2021 AGM. IAG said he is a well-known and highly respected company director. The insurer also said that he’s a former partner with PwC specialising in financial services. He has a “deep knowledge” of audit and risk control, and experience with Australian public companies.

Mr Sartorel has had a long career with Allianz Group and was most recently the regional chief executive of the Asia Pacific division. IAG said that he had returned home to Australia and brings with him experience in creating and leading large, innovative insurance companies with digital business models.

The company noted that Mr Pickering has also had a successful international career as a global insurance executive. He has had senior leadership positions with Royal Sun Alliance and Willis Towers Watson. Mr Pickering has recently retired from the role of CEO of the NZ Accident Compensation Corporation.

IAG share price

The IAG share price is up 4% at the time of writing. That brings the market capitalisation to $12.3 billion according to the ASX.

The post IAG (ASX:IAG) share price lifts following major board reshuffle appeared first on The Motley Fool Australia.

Should you invest $1,000 in IAG right now?

Before you consider IAG, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and IAG wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of May 24th 2021

More reading

Should you buy IAG (ASX:IAG) shares in August 2021 for the dividend yield?
The IAG (ASX:IAG) share price has dropped this last week. Here’s why
How is the IAG (ASX:IAG) share price performing against the financial services sector?
Is the IAG (ASX:IAG) share price in the buy zone?
Own IAG (ASX:IAG) shares? Here’s what to look for during reporting season

Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Insurance Australia Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!