Listed specialist financier LawFinance has appointed a general counsel as an independent non-executive director to its board, on top of making senior management changes and revamping board compensation.
LawFinance (ASX: LAW), which seeks to provide the legal profession with alternative, curated funding solutions, has named Jane Lamming to its board of directors as an independent non-executive director, effective 1 September 2021. She will also be the chair of the company’s audit and risk committee.
Ms Lamming, who is the GC and chief compliance officer at Ausbil Investment Management Ltd and was formerly the head of compliance at CIMB and Citi, and COO at ABN AMRO Bank N.V., will bring a “deep understanding of legal, compliance, AML and risk and governance issues, developed over 20 years [of] experience of holding senior roles in financial services organisations covering global markets, investment banking and asset management”, the company said.
“It is the board’s expectation that Jane’s depth of financial services and governance expertise will be invaluable as LAW rebuilds and grows its US National Health Finance business following the restructure and capital raising process earlier this year,” it said.
LAW chairman Tim Storey said he is pleased to welcome Ms Lamming to the board, noting she will “add a significant leadership and governance skillset”.
The company also made other changes to the board, noting that COO Anthony Hersch and head of reporting and compliance Craig Beatton are leaving “on mutually agreed terms”.
Chief executive Daniel Kleijn said: “Anthony has been a highly valued member of the executive leadership team and has shown unwavering commitment over his tenure. On behalf of the board, I thank Anthony for his significant contribution to the company over the last five-and-a-half years and wish him well in his future endeavours.”
CFO Phil Smith added: “LAW thanks Craig for his dedication and significant contribution to the company over the last five years. We wish him success in the next stage of his career.”
Elsewhere, the board has agreed to reduce the fees paid to each non-executive director by $25,000 in return for 100,000 options to be issued to each non-executive director at an exercise price of $2.50.
The options will be issued, the company said, under the approved equity incentive plan and will vest on 8 December 2023 and expire on the same date in the following year. It is subject to shareholder approval.