Ann: Change in substantial holding form MUFG, page-11

From an analyst's perspective, the appointment of Danielle Press as chair of Insignia Trustees can improve the business for five key reasons:

1. Experience and Leadership: Danielle Press brings over 30 years of experience in the financial services industry, including significant leadership roles such as CEO at Equip Super and managing director at UBS Global Asset Management. Her extensive background, particularly in asset management and superannuation, will bring a high level of strategic insight and operational knowledge to Insignia. This leadership transition can help the company better navigate complex industry challenges and drive improved member outcomes.

2. Regulatory Expertise: Having served as a commissioner at ASIC, Press has a deep understanding of the regulatory environment. This expertise is crucial as Insignia deals with compliance and remediation challenges, such as the recent enforceable undertaking from APRA and associated remediation provisions. Press’s regulatory background could ensure more robust risk governance and help avoid future compliance breaches, which would otherwise negatively affect business performance and reputation.

3. Focus on Risk Governance: The company's emphasis on improving its risk governance culture, highlighted by Press’s appointment, signals a proactive stance in managing risks. Strong governance is especially critical in the superannuation industry, where fiduciary responsibilities and regulatory oversight are stringent. By enhancing governance practices, Insignia may reduce its exposure to future risks, particularly compliance-related risks, while building trust with members and investors.

4. Strategic Vision for the Future: Press’s insights into the evolving role of superannuation funds, especially as they begin to resemble traditional banking and insurance models, demonstrate a forward-thinking approach. Her belief in the power of the superannuation system to deliver long-term value for members aligns with Insignia’s goals and could translate into more innovative strategies, particularly in the retirement and longevity product space.

5. Stabilizing Investor Confidence: The announcement comes after a challenging period marked by increased remediation costs and regulatory scrutiny. Bringing in a leader with a proven track record can reassure investors and stakeholders that the company is committed to turning the page on past issues, stabilizing its performance, and focusing on long-term growth and compliance.
   

In summary, Danielle Press’s appointment can improve Insignia Financial by bolstering leadership, strengthening risk governance, and enhancing the company’s strategic direction, particularly in light of current industry trends and regulatory challenges.