The Star Entertainment Group has announced the appointment of Anne Ward and David Foster to its board of directors. The decision comes at a crucial time as the company navigates through the aftermath of wide-ranging scandals and the implementation of a new land-based regulator in New South Wales. Ward, with her expertise in business management and governance, and Foster, with his extensive experience in the financial services sector, bring valuable skills and leadership insights to the board.
Anne Ward’s Background:
Ward possesses a wealth of knowledge in business management, strategy, governance, risk, and finance. Her industry experience spans various sectors, including financial services, banking, insurance, technology, healthcare, government, education, tourism, and entertainment. Until recently, Ward served on the board at Crown Resorts and currently holds chair positions at Redbubble and Symbio Holdings. Her extensive experience in highly regulated industries and risk and compliance make her a valuable addition to the board.
David Foster’s Experience:
Foster boasts over 25 years of experience in the financial services sector, including his tenure as the chief executive of Suncorp Bank for more than five years. He has served on boards across diverse industries such as financial services, retail, government, education, and professional services. Foster currently holds directorships at various businesses, including Bendigo and Adelaide Bank Ltd. His expertise in risk management, compliance, and leadership gained from his career in law and banking make him a valuable asset to the board.
Board Refreshment and Interim Chairman’s Welcome:
Star’s decision to appoint Anne Ward and David Foster aligns with the company’s ongoing efforts to refresh its board. Interim chairman Ben Heap expressed his confidence in the new appointments, emphasizing their extensive experience in highly regulated industries and their valuable leadership insights. The board, along with the existing non-executive directors, looks forward to the contribution of Ward and Foster as they navigate the company through a critical phase.
New Land-Based Regulator for NSW:
The appointment of Ward and Foster comes in the wake of the New South Wales parliament passing a bill to establish a new land-based regulator for the state. This regulatory body will oversee the operations of Crown and Star, as they work to recover from the scandals that have impacted their reputation. The Casino Legislation Amendment Bill 2022 introduces new requirements for the two casinos, including enhanced anti-money laundering checks and specific training expectations for staff.
Financial Outlook and Recovery:
Star Entertainment Group anticipates normalised revenue of AUD 1.53 billion for the 2022 financial year, despite the significant scrutiny faced by its licenses throughout the year. The company experienced a strong recovery domestically during the fourth quarter, highlighting its resilience and determination to rebound from challenges. The appointments of Ward and Foster further reinforce Star’s commitment to restoring public trust and implementing effective governance measures.
The appointment of Anne Ward and David Foster to the board of directors at Star Entertainment Group signifies the company’s strategic focus on strengthening governance, risk management, and compliance. With their expertise and extensive industry experience, Ward and Foster bring valuable perspectives to the board as Star navigates through a period of regulatory changes and recovery. The company remains committed to rebuilding its reputation, delivering positive financial outcomes, and ensuring effective oversight of its operations under the new land-based regulator.