- Catherine Tanna appointed to board for second 5-year term
- Moss replaces Roger Corbett on RBA's policy-setting board
Allan Moss, a former chief executive officer of Macquarie Group Ltd., has been appointed to the Reserve Bank of Australia’s board, the government said Tuesday.
Moss, who ran Australia’s biggest investment bank for almost 15 years before stepping down in 2008, was appointed for a five-year term, Treasurer Scott Morrison said in an e-mailed statement. Catherine Tanna, the former chairman of BG Group Plc’s Australia unit, was re-appointed for a further five-year term, he said.
The central bank’s policy setting board, which meets 11 times a year, includes six independent directors appointed by the government. Moss replaces Roger Corbett, an adviser to and former CEO of supermarket chain Woolworths Ltd., whose second term ended earlier this month.
“Allan has extensive experience in financial markets and banking so I think that’s a very sound appointment,” said Scott Haslem, chief economist for Australia at UBS Group AG in Sydney. “Any individual appointment can influence the style of discussion and the debate around the table. But I think I’d be less confident it can influence the outcome of policy because that’s a collective decision and it’s only one person in a broad group.”
Moss oversaw a 30-fold surge in profit during his tenure as CEO at Macquarie, which employed 50 people in two offices when he joined in 1977. He now manages his investments as principal of Allan Moss Pty and is an adviser to investment firms Evans and Partners Pty and Anchorage Capital Partners Ltd.
Tanna, who was appointed to the board in 2011, is currently managing director of EnergyAustralia Pty. John Edwards’s first five-year term on the board ends July 30. Board members generally don’t serve more than 10 years and some are replaced after five.
The central bank’s board next meets Feb. 2. Governor Glenn Stevens’s term ends in September.