Allied Nationwide appoints independent directors

Allied Nationwide Finance, part of the NZX-listed Allied Farmers group, has announced the appointment of John Spencer and Susie Staley as independent directors to its board.

Friday, April 11th 2008, 11:49AM
The appointments are part of Allied Nationwide's adoption of 'best practice' corporate governance and Chairman John Loughlin hopes it will ensure "appropriate independent representation on the board of Allied Nationwide."

The appointment of independent directors will also position Allied Nationwide to fully comply with new regulation being imposed on finance companies starting from 2009, and will also assist in meeting the corporate governance expectations of Standard & Poors as part of its credit rating review for Allied Nationwide.

As part of the changes, three Allied Farmers directors on the board of Allied Nationwide will retire, being Peter Cook, Ross Dunlop and Andrew McDouall, although they will remain on the parent company board.

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