The IOOF Holdings Limited (ASX: IFL) share price will be one to watch this morning following the release of an update relating to its dealing with the Australian Prudential Regulation Authority (APRA).
According to the update, the independent reviewer has now finalised their report for the quarter to June 30. It found that all 145 actionable items that were required for validation by that date have been completed.
Furthermore, the four actionable items relating to the implementation of the Office of the Superannuation Trustee which were outstanding for the quarter ended March 31, have also been completed.
IOOF's CEO, Renato Mota, said, "We have continued to work diligently to implement all items required under the licence conditions by the 30 June deadline. I am confident we are building an industry leading governance framework for the future, serving the interests of our members and clients."
In addition to this, the company provided an update on its board renewal.
The release explains that it has appointed Ms Michelle Somerville as an independent non-executive director. Ms Somerville will commence her directorship on October 1.
IOOF's chairman, Allan Griffiths, spoke very positively on the appointment of the former audit partner at KPMG Australia.
He said, "Michelle will bring deep and relevant finance, risk and governance experience to the Board, having worked in the financial services industry in both her KPMG and non-executive roles, in both the listed and non-listed spaces. Michelle will be a natural successor to Jane Harvey as Chair of the Group Audit Committee and brings a number of other qualities to the Board. We're looking forward to the valuable contribution she will make to the group."
This certainly appears to be a step in the right direction for IOOF. And with its shares down 39% since this time last year, shareholders will no doubt be hoping that this is the start of a return to the good days.
For now, though, I'm staying clear of companies like IOOF and AMP Limited (ASX: AMP) until their overall performances improve. In the meantime, Macquarie Group Ltd (ASX: MQG) would be my pick in the space.
