Suncorp installs first woman to lead board in 22 years

SUNCORP has appointed its first woman to run the board 22 years after Queensland’s biggest stockmarket-listed company was formed.

Christine McLoughlin is slated to take over from outgoing Suncorp chairman Ziggy Switkowski after the banking- insurance company’s annual general meeting in September this year.

It comes with Suncorp’s share price trundling after hitting recent highs of $15.24 last year, and the company facing market scepticism over a strategy to become a marketplace of various financial services. Shares were trading up 3c at $13.73 in early afternoon trade.

Ms McLoughlin’s elevation echoes the situation on boards — of 18 Queensland companies in Australia’s top 200 stockmarket-listed businesses last month, only Super Retail Group had a woman as chair.

Sydney-based McLoughlin, 55, has had roles at insurer IAG and Westpac insurance, and currently sits on boards including health insurer NIB. Via Suncorp, interview requests were declined but she said in a statement that looked forward to helping “shape the Suncorp of tomorrow”.

Hunter Green Institutional Broking analyst Charlie Green said her IAG past would be valuable, and Ms McLoughlin appeared to have a wide range of governance experience on various boards.

Issues for Ms McLoughlin would include meeting criticism that Suncorp’s share price currently trades at a discount to IAG, he said.

Mr Green added he thought Suncorp had a great business so “there’s a large element of it ain’t broke, don’t fix it”.

Suncorp was formed in 1996 via the merger of government insurer Suncorp, lender QIDC and privately owned Metway bank.

Its chairmen have been John Lamble, John Story and Mr Switkowski, who was based in Melbourne.