James Spenceley has decided not to proceed with his appointment as a NAB non-executive director, following feedback from proxy advisers.

NAB announced Spenceley’s appointment on October 20, subject to a shareholder vote at the December 17 annual general meeting, but issued a statement on Friday saying Spenceley had reconsidered, given his other commitments.

Spenceley is the founder of Vocus Group and an active venture capital investor. He is chair of Airtasker, a non-executive director of Kogan.com and a non-executive director of Think Childcare.

In June he announced that he would run as an independent candidate in North Sydney in the upcoming New South Wales local government elections.

Spenceley said in a statement: “I have received feedback from proxy advisers on the impact of a large board role on their ability to recommend my election at NAB and my other board positions.

“I appreciated the NAB opportunity and while I was comfortable with my capacity, I do not want to disrupt NAB, its shareholders or any company I am involved with.”