NAB chairman to drop three boards

New National Australia Bank chairman Graham Kraehe has pledged to resign from the boards of three other listed companies so he can focus on rebuilding NAB's reputation. Kraehe is currently on the boards of BlueScope Steel, where he is also chairman, News Corp, Brambles Industries and Djerriwarrh Investments. He said he will retain the chairmanship of BlueScope. Kraehe expects to be in the line of fire when the PricewaterhouseCoopers report into NAB's rogue foreign exchange trading is released within the next week or so. He stated there would be “no sacred cows” when accountability for the scandal is assessed. Although he admitted NAB management had been warned by APRA in 2002 about the bank's risk management procedures, Kraehe would not comment on whether he had personally been cautioned.

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