Vaccine targets essential: Roy Hill

Original article by Nick Evans
The Australian – Page: 17 : 4-Aug-21

Roy Hill CEO Gerhard Veldsman addressed the annual Diggers and Dealers conference in Kalgoorlie on 3 August. He warned that the skilled labour shortage in Western Australia will continue while coronavirus-induced interstate travel restrictions remain in place. Veldsman also stressed the need for about 80 per cent of the nation’s population to be vaccinated, arguing that Australia risks falling behind the rest of the world. He added that the national cabinet’s latest four-stage plan to re-open the economy must include firm target dates for each of these stages.

CORPORATES
ROY HILL HOLDINGS PTY LTD, DIGGERS AND DEALERS FORUM

Banks grilled on plans for Suncorp

Original article by Richard Gluyas
The Australian – Page: 13 & 16 : 12-Apr-21

The CEOs of Australia’s four major banks will appear before a parliamentary committee on 15 and 16 April. Shadow assistant treasurer Andrew Leigh says he will seek a commitment from the CEOs that they will not seek to acquire Suncorp’s banking division should it be put on the market. He also wants to them to rule out any further acquisitions in the financial technology sector. The housing market, cyber security, lending standards and the recovery from the COVID-19 pandemic are also likely to be among the issues raised by the economics committee.

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AUSTRALIA. HOUSE OF REPRESENTATIVES STANDING COMMITTEE ON ECONOMICS, AUSTRALIAN LABOR PARTY

Business brakes on green reforms

Original article by Ben Packham
The Australian – Page: 1 & 4 : 6-Apr-21

Deloitte’s survey of global CEOs has found that 54 per cent of Australian firms had to downgrade sustainability initiatives during the COVID-19 pandemic, compared to 65 per cent of global respondents. Thirty two per cent of Australian CEOs reported that they intend to speed up sustainability initiatives in the next year, compared to 23 per cent of their global counterparts. Around 44 per cent of Australian CEOs stated that their environmental performance is aimed at meeting customer expectations, while 57 per cent view employee morale as a "key driver" of environmental policies.

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DELOITTE TOUCHE TOHMATSU LIMITED

Elizabeth Gaines – the driving force behind Fortescue Metals Group

Original article by Rachel Pupazzoni
abc.net.au – Page: Online : 29-Jun-20

Pure-play iron ore miner Fortescue Metals Group is seeking to diversify its operations under current CEO Elizabeth Gaines, who took the helm in 2018. This could include exploring for minerals such as copper and gold in South America and hydrogen in Western Australia. Gaines grew up in Halls Creek in the Kimberley region of WA, which has a large indigenous population. Her father was a local school headmaster, who actively sought to ensure that indigenous people were integrated into the broader community. Fortescue founder Andrew Forrest adopted a similar policy of full integration at the world’s fourth-biggest iron ore miner, where indigenous people account for 15 per cent of its Pilbara workforce.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG

BHP backs government over Kyoto loophole

Original article by James Fernyhough
The Australian Financial Review – Page: 20 : 24-Sep-19

BHP CEO Andrew Mackenzie is said to have expressed support for the Coalition’s proposal to use Kyoto carryover credits to meet Australia’s carbon emissions reduction targets under the Paris agreement. Sources have confirmed that Mackenzie did so in a private call with institutional investors on 20 September, although a BHP spokesman has declined to comment. The Minerals Council of Australia and the Business Council of Australia also support the use of carryover credits. Mackenzie had advocated greater action to address climate change earlier in 2019.

CORPORATES
BHP GROUP LIMITED – ASX BHP, MINERALS COUNCIL OF AUSTRALIA, BUSINESS COUNCIL OF AUSTRALIA, THE AUSTRALIAN CENTRE FOR CORPORATE SOCIAL RESPONSIBILITY, VISION SUPER PTY LTD, INVESTOR GROUP ON CLIMATE CHANGE, UNITED NATIONS

Are BHP shareholders on board with crusading boss?

Original article by Janet Albrechtsen
The Australian – Page: Online : 14-Aug-19

BHP CEO Andrew Mackenzie has shown he is not averse to speaking out on issues such as climate change and a separate voice for indigenous people in the Constitution; he has indicated it is proper that he should do so. However, it is reasonable to ask whether BHP shareholders are comfortable with his stance, as well as querying where the BHP board stands on the issues he is raising and whether his views have their sanction. It is possible that giving indigenous Australians a separate voice could at some point impact on BHP’s shareholder value, so it is reasonable to ask whether Mackenzie has given the board any projections regarding this possibility.

CORPORATES
BHP GROUP LIMITED – ASX BHP

Super, insurance chiefs to face MPs

Original article by Phillip Coorey
The Australian Financial Review – Page: 7 : 26-Jul-19

The CEOs of insurance companies and superannuation funds will be required to appear before federal parliament’s Standing Committee on Economics at least once a year. Bank CEOs have had to front the committee regularly since 2016, and the heads of industry groups such as the Australian Banking Association will now also be asked to do so. Meanwhile, Prime Minister Scott Morrison has defended the government’s slow response to implementing the Hayne royal commission’s recommendations, stressing the need to proceed with caution to avoid any unintended consequences.

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AUSTRALIA. HOUSE OF REPRESENTATIVES STANDING COMMITTEE ON ECONOMICS, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AUSTRALIAN BANKING ASSOCIATION, AUSTRALIAN LABOR PARTY

David Morgan reveals failed Westpac-CBA mega-merger

Original article by Tony Boyd
The Australian Financial Review – Page: 1 & 2 : 20-Feb-19

The official biography of former Westpac CEO David Morgan outlines the bank’s proposed merger with the Commonwealth Bank of Australia in 1989, when he was the head of institutional banking at Westpac. The merger ultimately failed to proceed due to disagreement over leadership of the new entity. Westpac CEO Bob Joss was to have been overlooked in favour of CBA CEO David Murray, with Joss to be given the role of vice-chairman in charge of restructuring. CBA directors were also against Morgan and Westpac CFO Pat Handley joining the board of the combined group.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, BT FINANCIAL GROUP PTY LTD, DBS BANK LIMITED, ST GEORGE BANK LIMITED, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIAN LABOR PARTY, ACTU, MORGAN STANLEY AUSTRALIA LIMITED, JP MORGAN AUSTRALIA LIMITED

NAB bosses dig in: we’ll fix culture

Original article by Joyce Moullakis
The Australian – Page: 1 & 5 : 6-Feb-19

Brett Le Mesurier of Shaw & Partners expects National Australia Bank CEO Andrew Thorburn to resign by the end of February, followed by chairman Ken Hendy later in the year. However, Thorburn has indicated that he will remain in his role despite attracting criticism in the final report of the financial services royal commission. He also says NAB will review and revise its strategy to improve its culture and governance.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, SHAW AND PARTNERS LIMITED, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AUSTRALIAN FOUNDATION INVESTMENT COMPANY LIMITED – ASX AFI

Thorburn to take two long breaks

Original article by Jonathan Shapiro, Misa Han
The Australian Financial Review – Page: 14 : 18-Dec-18

National Australia Bank has advised that CFO Gary Lennon will become acting CEO while Andrew Thorburn is on extended leave. Thorburn will go on annual leave after NAB’s upcoming AGM, but he will return to work before the final report of the financial services royal commission is released on 1 February. He will subsequently go on long service leave for a month. Thorburn says the two breaks will allow him to "reflect and recharge". It has been a challenging year for the banking sector, and NAB in particular.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY