Overall, McTaggart believed the new structure would deliver a "clearer delineation for organisational risk" and "much clearer lines of sight" for employees in terms of their objectives.

After a dramatic week for QIC in which its chair, Trevor Rowe, stood down after eight years, McTaggart said he would not mind if the new chair had as many other directorships and conflicts to manage as his predecessor.

"In terms of someone you’d want chairing a large, mutli-faceted organisation like QIC, I struggle to think of anyone who wouldn’t have a conflict. Those conflicts are always fully declared and transparently managed, which is something understood well within QIC, if not by the media," McTaggart said.