NAB board threatens walkout

Seven non-executive directors of National Australia Bank led by chairman Graham Kraehe have unanimously agreed to resign if dissident director Catherine Walter is not voted off the board next month at a shareholders' meeting. The directors said in a statement they will ask shareholders to remove Walter so that the board can discharge its duties to the company and shareholders effectively. NAB will hold three separate meetings on May 21. The first will consider the resolution to remove Walter while the second and third will consider the resolutions put forward by her.