Ms Bondfield, who has been acting Chair since October 2019 and will remain on the RIC board as a non-executive director, welcomed Ms Smith-Pomeroy, who she said brings valuable experience to the RIC.

Ms Smith-Pomeroy has over 30 years' experience in the financial services sector, most recently as a senior executive with Suncorp.

She is a Graduate of the Australian Institute of Company Directors, a Fellow of the Institute of Professional Accountants and FINSIA, and an Associate member of the Governance Institute of Australia Ltd.

"Ms Smith-Pomeroy's extensive board experience includes positions on the boards of Infigen Energy Ltd, Kina Securities Ltd, Queensland Treasury Corporation, Stanwell Corporation Limited, Infocus Wealth Management Limited and Chair of the National Affordable Housing Consortium," Ms Bondfield said.

"The combination of both financial institution and public sector board experience is essential for the RIC."

Ms Smith-Pomeroy said, "I am pleased to accept this appointment and I look forward to leading the RIC Board in the work they are undertaking to build a stronger regional Australia."