AFG chair to step down from board

The Australian Finance Group (AFG) board has thanked Anthony “Tony” Gill for his “exemplary vision and leadership” of the board over the last 15 years. Mr Gill will have his final board meeting on 23 March 2023.

Former Australian Securities and Investments Commission (ASIC) chairman and current deputy chair, Greg Medcraft, will be nominated to replace Mr Gill’s vacant position during AFG’s board meeting later in February.

Mr Medcraft was appointed to the AFG board in 2021 following his tenure with ASIC from 2009–17.

During his time with ASIC, Mr Medcraft was in charge of its review of mortgage broker remuneration, along with denouncing commissioner Kenneth Hayne’s suggestion to introduce a borrower-pays broker remuneration model.

Mr Medcraft has been vocal about the value of the broker channel in the past and stated that he believed brokers deliver “great consumer outcomes”.

At the time of Mr Medcraft’s appointment, Mr Gill commented on his “deep understanding of financial markets and practical expertise” and that this would ensure AFG further strengthened the board’s core skill set.

Mr Medcraft thanked Mr Gill for his leadership of the company during “a period of extraordinary growth”.

“Tony joined the AFG board in 2008 and took on the role of Independent Non-Executive Chair. He has provided exceptional leadership to the board and sound guidance to the AFG management team,” Mr Medcraft added.

“Tony has made a significant impact at AFG during his time on the board and we sincerely wish him all the very best.”

Commenting on his tenure with AFG, Mr Gill said: “A key highlight of my time at the company includes the listing of AFG on the Australian Securities Exchange in 2015.

“I am very pleased to have been part of the company’s evolution to be the diversified success it is today, ensuring AFG continues to be a significant player in the industry, with a growing earnings base.”

On his departure from the AFG board, Mr Gill said that board renewal is a “focus for all companies”.

“I am very proud to be leaving AFG in the capable hands of Greg and the exceptional breadth of talent and finance sector experience held by my fellow board members,” Mr Gill concluded.  

“I look forward to watching the company’s continued success.”  

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Written by Adrian Suljanovic

Last Updated: 10 February 2023

Published: 13 February 2023