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New directors for Medibank Private Limited.

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Media Release

73/2007 21 September 2007

New directors for Medibank Private Limited

Two new directors have been appointed to the Board of Medibank Private Limited to further strengthen the Board’s financial and insurance expertise, the Minister for Finance and Administration, Senator Nick Minchin, said today.

Ms Jane Harvey and Mr Philip Twyman have been appointed as Directors of Medibank Private for three years from today to replace Mr Roger Harley and Mr Brian Keane.

Ms Harvey is a qualified Chartered Accountant, previously worked as a partner of PricewaterhouseCoopers and has extensive experience in the financial and accounting fields and as a non-executive director.

She is currently Chair of IOOF Holdings Limited, Deputy Chair of the Rural Finance Corporation Limited and a board member of Colonial Foundation Trust.

Mr Twyman has extensive experience in the insurance field, including serving as a company director in the United Kingdom and the Netherlands.

He is currently a non-executive director of Perpetual Limited, Insurance Manufacturers of Australia Pty Ltd and ANZ Mortgage Insurance Pty Ltd.

The Government is satisfied that no actual or potential conflict of interest exists between their current roles and their directorship of Medibank Private.

“Ms Harvey and Mr Twyman’s contribution to the Board will be most valuable in light of the Government’s recent reforms to the private health insurance industry and the sale of Medibank Private if the Government is returned,” Senator Minchin said.

The Government announced in September 2006 that Medibank Private would be sold via a share market float in 2008 if the Government was re-elected at the forthcoming election.

“This sale will increase competition in the private health insurance industry, improve services to contributors and give all Australians the opportunity to own part of the company through a public float.

“On behalf of the Government, I would like to thank Mr Roger Harley and Mr Brian Keane for their valuable contribution and commitment to the Medibank Private Board during the last three years,” Senator Minchin said.

Media Contact: Senator Minchin's Office - Simon Troeth (02) 6277 7400/ 0439 300 335


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This page was last updated 21 September, 2007