Original article by Jonathan Shapiro
The Australian Financial Review – Page: 18 : 12-Feb-19
Former federal treasurer Peter Costello suggests that regulators’ failure to prosecute misconduct in the financial services sector was due to reluctance to enforce the law rather that funding constraints. Costello also believes that it is inappropriate for National Australia Bank chairman Ken Henry to oversee the appointment of a new CEO. Henry will step down after a successor to Andrew Thorburn is recruited. Costello adds that bank directors and executives must prioritise compliance with the law in the wake of the financial services royal commission.
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AUSTRALIA. FUTURE FUND MANAGEMENT AGENCY, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, WESTPAC BANKING CORPORATION – ASX WBC, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC
Original article by Eric Johnston
The Australian – Page: 17 : 11-Feb-19
Anthony Healy and Mike Baird are said to be the leading internal candidates to succeed National Australia Bank CEO Andrew Thorburn, while external contenders could include Craig Drummond, Ross McEwan and Lyn Cobley. Acting CEO Philip Chronican stresses that NAB has a "very clear strategy" that is being well executed. He notes that the last week has been challenging for the bank, with the resignation of Thorburn and chairman Ken Henry and the release of the banking royal commission’s final report.
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, MEDIBANK PRIVATE LIMITED – ASX MPL, WESTPAC BANKING CORPORATION – ASX WBC, ST GEORGE BANK LIMITED
Original article by Joyce Moullakis, Ben Butler
The Australian – Page: 1 & 4 : 8-Feb-19
Phil Chronican will become acting CEO of National Australia Bank after Andrew Thorburn advised that he will step down on 28 February. Chairman Ken Henry will also step down when a permanent CEO is appointed. Thorburn and Henry in particular had attracted criticism in the financial services royal commission’s final report over their reluctance to accept responsibility for the misconduct that was exposed by the inquiry. Some fund managers expect NAB to choose an external candidate to replace Thorburn, although Mike Baird and Anthony Healy are said to be among the internal contenders.
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, WESTPAC BANKING CORPORATION – ASX WBC, MEDIBANK PRIVATE LIMITED – ASX MPL, AMP LIMITED – ASX AMP, COMMONWEALTH AGRICULTURAL BUREAU INTERNATIONAL, AUSTRALIAN COUNCIL OF SUPERANNUATION INVESTORS INCORPORATED, THE HUMAN GROUP, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, RESERVE BANK OF AUSTRALIA
Original article by John Durie
The Australian – Page: 15 : 19-Dec-18
REA Group’s incoming CEO Owen Wilson says that continuing to provide value to customers and consumers will be his priority. Wilson also wants to expand the property listings group’s Asian operations, which currently account for about eight per cent of group revenue. Wilson will succeed Tracey Fellows, who will remain on REA’s board after becoming president of News Corporation’s Global Digital Real Estate business. News Corp has a controlling stake in REA.
REA GROUP LIMITED – ASX REA, NEWS CORPORATION – ASX NWS, NEWS CORP AUSTRALIA PTY LTD, REALESTATE.COM.AU, DOMAIN HOLDINGS AUSTRALIA LIMITED – ASX DHA, FAIRFAX MEDIA LIMITED, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, GOOGLE INCORPORATED, FACEBOOK INCORPORATED, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ
Original article by Misa Han
The Australian Financial Review – Page: 15 & 20 : 3-Dec-18
Francesco De Ferrari starts his first day as CEO of AMP on 3 December, having previously been head of Credit Suisse’s Asia-Pacific private banking business. De Ferrari says he is determined to make the most of the impetus provided by the banking royal commission to bring about change in the way that AMP does business. Hamish Carlisle from Merlon Capital says De Ferrari should give AMP shareholders the opportunity to vote on the proposed sale of the AMP Life division, as well as renegotiating the deal if possible.
AMP LIMITED – ASX AMP, AMP LIFE LIMITED, CREDIT SUISSE AG, MERLON CAPITAL PARTNERS PTY LTD, SHAW AND PARTNERS LIMITED, ATLAS FUNDS MANAGEMENT PTY LTD, AUSTRALIAN SHAREHOLDERS’ ASSOCIATION
Original article by Lilly Vitorovich
The Australian – Page: 21 : 16-Nov-18
REA Group is seeking a new CEO after Tracey Fellows resigned to become president of News Corporation’s digital real estate business. Fellows, who will be based in New York in her new role, has been CEO of REA since August 2014. Shares in REA have gained around 62 per cent during her tenure, and the real estate listings group recently posted strong growth in earnings and revenue for the first quarter of 2018-19. Fellows will remain on the board of REA, in which News Corp has a controlling stake.
REA GROUP LIMITED – ASX REA, NEWS CORPORATION – ASX NWS, NEWS CORP AUSTRALIA PTY LTD, REALESTATE.COM.AU, IPROPERTY GROUP LIMITED, HOMETRACK, SMARTLINE HOME LOANS PTY LTD, MOVE INCORPORATED, DOMAIN HOLDINGS AUSTRALIA LIMITED – ASX DHA, FAIRFAX MEDIA LIMITED – ASX FXJ, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, MACQUARIE GROUP LIMITED – ASX MQG, AUSTRALIA POST, MICROSOFT CORPORATION, DELL TECHNOLOGIES INCORPORATED, IBM CORPORATION
Original article by Max Mason
The Australian Financial Review – Page: 20 : 19-Oct-18
APN Outdoor Group will be delisted after the Federal Court approved the scheme of arrangement for its $1.2bn acquisition by JCDecaux. James Warburton has resigned as CEO APN Outdoor after 10 months in the role, and he will leave the outdoor advertising group on 31 October. He intends to seek another executive role, and says he has already received several approaches. APN Outdoor shareholders will receive $6.70 per share, including a special dividend of $0.30 per share.
APN OUTDOOR GROUP LIMITED – ASX APO, JC DECAUX SA, OOH!MEDIA LIMITED – ASX OML, ADSHEL PTY LTD, HT&E LIMITED – ASX HT1, FEDERAL COURT OF AUSTRALIA, SYDNEY TRAINS, NEW SOUTH WALES. ROADS AND MARITIME SERVICES, TRANSPORT FOR BRISBANE, SYDNEY AIRPORT – ASX SYD
Original article by Max Mason
The Australian Financial Review – Page: 6 : 5-Oct-18
The ABC board has advised it decided on 23 September to hire an external adviser to investigate claims raised by then MD Michelle Guthrie against then chairman Justin Milne. Guthrie was sacked on the day after its decision, while Milne resigned a few days later. Guthrie claims that Milne had tried to pressure her to sack journalists because they had upset the federal government. It is understood that the external adviser has not yet been in contact with Guthrie, while the board has stated that as the investigation is ongoing that it will not comment further on the matter.
AUSTRALIAN BROADCASTING CORPORATION
Original article by Max Mason
The Australian Financial Review – Page: Online : 7-Sep-18
Melanie Silva has been announced as Google Australia and New Zealand’s new MD. Silva, who has been with Google for over a decade and who is currently based in Singapore, replaces Jason Pellegrino. Pellegrino has joined online real estate classifieds company Domain. Karim Temsamani, Google president of Asia Pacific, says Silva is a great leader who gets the best out of people. Silva takes up her new role on 1 October.
GOOGLE AUSTRALIA PTY LTD, DOMAIN HOLDINGS AUSTRALIA LIMITED – ASX DHA, FAIRFAX MEDIA LIMITED – ASX FXJ, CITI AUSTRALIA PTY LTD
Original article by Jon Pierik
The Age – Page: 38 : 6-Sep-18
Cricket Australia is continuing its search for a replacement for James Sutherland, who is stepping down as CEO after 17 years. The number of potential candidates has been whittled down to four, with Sutherland’s current deputy Kevin Roberts and Melbourne Grand Prix chairman John Harnden among the contenders. Meanwhile, CA will release its Australian Cricket Census on 6 September, with the number of Victorians who played cricket in the 2017-18 season up 13.46 per cent to 426,959. Female participation in Victorian cricket rose by 31 per cent, while multicultural participation increased by 33.13 per cent.
CRICKET AUSTRALIA, MELBOURNE GRAND PRIX ORGANISATION, WESTFIELD CORPORATION