Influential women: A spotlight on the chairs of APRA's largest funds - Part Two

Nicole Smith

In the second part of our series on the women who chair APRA's largest funds, we shine a spotlight on Nicole Smith and ask about her role as chair of MLC Superannuation Trustee(s), her background, and the steps she believes are necessary to ensure women are equally represented on boards.

Nicole Smith

Nicole Smith

Independent non-executive chair, MLC Superannuation Trustee(s) covering MLC Nominees, NULIS Nominees and PFS Nominees.

Appointed Chair?
1 January, 2013

Other current board positions?
Goldman Sachs Australia Managed Funds Limited
Westpac RE Limited
Teachers Federation Health Ltd

Education?
Mastering the Boardroom (Order of Merit), Australian Institute of Company Directors 2012
Graduate, Australian Institute of Company Directors 2008
Member, Institute of Chartered Accountants in Australia 1993
Bachelor of Financial Administration, University of New England 1990

Place of birth?
I was born in Newman, Western Australia but grew up in Nhulunbuy on the Gove Peninsula (a small mining community on the tip of Arnhem Land in the Northern Territory).

First job?
My first job was working in the warehouse for the bauxite mining company in Nhulunbuy (now owned by Rio Tinto). I did this job during University holidays while studying to become an accountant.

Most rewarding part of the role as chair?
As the Chair, the most rewarding part of my role is knowing that the decisions we make can - and do - have a real impact on the people that entrust their savings with us. The most important thing that we do is improve the retirement of people who choose to invest with MLC.

Are quotas necessary to get equal representation on boards?
At MLC we are very close to having equal gender representation on our board with 3 out of 7 board directors being women.

The challenge we need to overcome is that hard and fast quotas have the potential to undermine or create a perception that appointments are not merit based.

All board appointments should be merit based.

If so, what might be necessary to get to the AIST target of a minimum of 40% of each gender by 2017?
There is no doubt that there are many highly talented and appropriately skilled women ready and able to fill board positions. As Chair of the MLC boards I regularly meet and speak with women who are actively looking to pursue a role as a board director within the superannuation industry.

We need to raise the debate on the value of diversity.

The most important point is the value that diversity can bring to the board. A truly diverse, highly functioning board will lead to improved governance and ultimately better outcomes for our customers. As a director on a number of boards I understand the value that diversity brings to the decision making process.

Read Part One, featuring Victoria Weekes, Chair of OnePath Funds Management Limited & OnePath Custodians Limited, Angela Emslie, chair of HESTA, and Anne Ward, chair of Colonial First State Investments.
Read Part Three, featuring Heather Ridout, chair of AustralianSuper.