No real progress figures are available at this point, but NRMA’s share buyback scheme is understood to be progressing satisfactorily.

Many small retail shareholders who became investors through the NRMA demutualisation 10 months ago are taking up the offer to sell their shares back. The No 1 general insurer wants to introduce more stable governance through a strengthened institutional investor presence.

The institutions are understood to hold only about 18% of NRMA shares at present – a situation that many analysts say has allowed the squabbles within the NRMA board to develop for far too long.

Next step is a preference share issue to the institutions, which was originally expected to be completed by June 30. However, it’s now believed that the preferential issue won’t go ahead until a new permanent chairman and CEO are appointed to the board.