Insurance Australia Group (IAG) has appointed JoAnne Stephenson to its board as an independent non-executive director, effective May 12.
The announcement comes as Australian businesses face growing financial pressures, with elevated insolvency rates prompting closer attention to governance, risk oversight, and operational resilience.
Stephenson brings experience from a range of sectors, with her career including over 15 years as a partner at KPMG. During her tenure, she led one of the firm’s national advisory divisions and worked with public and private sector clients on complex commercial projects.
Since retiring from her executive role in 2011, she has held numerous board and committee roles across listed and private companies.
Currently, Stephenson serves on the boards of Challenger, Qualitas, and Helia Group. At Challenger, she chairs the Group People and Remuneration Committee and is a member of the audit, risk, and nomination committees. Her past board appointments include chair of Myer Holdings and directorships at Asaleo Care and Japara Healthcare.
Tom Pockett, chair of IAG, said Stephenson’s appointment adds to the board’s depth in financial and governance expertise.
“We welcome JoAnne to the IAG board. She has extensive experience as a non-executive director and as the chair and member of board committees across private and listed entities. Her key strengths in finance, accounting, risk management, and governance are critical to our efforts to retain a strong IAG board capable of guiding and supporting our business,” he said.
Stephenson’s appointment coincides with a period of increasing financial instability among Australian businesses.
Data from CreditorWatch’s latest Business Risk Index showed that insolvencies rose following a short-term decline over the holiday period. Economic conditions continue to pressure businesses, particularly in sectors exposed to consumer spending and construction.
External risks linked to global trade developments, particularly uncertainty surrounding US tariffs, may introduce further volatility. Although Australia’s direct export exposure is limited, shifts in international markets and investor sentiment could affect local confidence.
Ivan Colhoun, chief economist at CreditorWatch, said business failures are unlikely to ease soon.
“Given the economic and cost pressures and continuing high levels of accumulated ATO tax debt, it’s too early to expect the level of insolvencies to reduce much in the period immediately ahead,” he said.
