Executive Leadership Team update ( Commonwealth Bank appoints a new Group General Counsel and Group Executive Legal & Group Secretariat.)

 Commonwealth Bank CEO Matt Comyn announced today the appointment of a new Group General Counsel and Group Executive Legal & Group Secretariat to the bank's Executive Leadership Team.

Karen O'Flynn

Carmel Mulhern, Group General Counsel and Group Executive Legal & Group Secretariat of the Commonwealth Bank, has opted to go on to the next stage of her career as a non-executive director, and will leave the bank on August 31, 2023. Karen O'Flynn, now Partner and Executive Chair of Clayton Utz, will take over as Carmel's replacement on September 1, 2023, subject to regulatory permissions.

"Carmel has been a valued member of the bank's executive leadership team, with a strong focus on our customers and our people," Mr Comyn said. During her tenure at CBA, she was instrumental in ensuring the Group's legal concerns were resolved fairly and efficiently, as well as in developing our relationships with key stakeholders.

"Under Carmel's leadership, CBA's corporate governance processes have been simplified to support the Board's effectiveness." We appreciate Carmel's work to CBA and wish her the best in the future."

Karen O'Flynn, the incoming Group General Counsel and Group Executive Legal & Group Secretariat, is a top legal practitioner and commercial litigator both worldwide and locally. She has been a Clayton Utz Partner for 28 years and has served in a variety of leadership roles, including Chair of the Clayton Utz Board since 2020.

Karen is an outspoken supporter of gender equality. She serves on Clayton Utz's Diversity Council and will be a member of Chief Executive Women in 2021.

Mr Comyn said: “Karen brings a breadth of experience in financial services over her legal career, including supporting the bank through the Royal Commission. The leadership team and I look forward to welcoming Karen to CBA.”

Biography – Karen O’Flynn

Karen has a Bachelor of Arts and a Bachelor of Laws (Hons) from the University of Sydney.

Karen O'Flynn, Partner and Executive Chair of Clayton Utz, has approximately 40 years of experience as a legal practitioner in Sydney, Melbourne, and London.

Karen joined Clayton Utz in 1996 and has held a variety of leadership positions within the firm, including three consecutive terms as an Elected Director of the Board previous to her election as Chair, and as the National Practise Group Leader for Restructuring & Insolvency.

Karen was named Chair of the Clayton Utz Board of Directors in 2020. She is an outspoken supporter of gender equality and a member of Clayton Utz's Diversity Council.

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