Mr Fraser is currently deputy chairman, a director of Next Financial Limited and chairman of the Audit Compliance and Risk Management Committee.
Chairman Steven Skala said the renewal of the board is a continuing process and that he anticipates the board will announce further change in the 2014 financial year.
Mr Skala said the board needed to be “appropriately structured to support the strategic direction of WIG’s businesses”.
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Mr Fraser has been an active member of the board since December 2006.
