NAB to beef up board

The National Australia Bank may add as many as three new directors to its board in 2003 with the bank looking for added expertise in commercial banking, accounting and UK business, says its chairman Charles Allen.

Mr Allen said NAB's current board of eight non-executive directors and one executive director is “relatively small” and could be added to. NAB will also end the practice of awarding retirement pay-outs to non-executive directors.

Both announcements were made at NAB's annual meeting where CEO Frank Cicutto also confirmed a forecast of 8 to 11 per cent growth in earnings-per-share for 2003.