CHIEF EXECUTIVE OFFICERS – AUSTRALIA

Rio Tinto wants US fraud charges dropped

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Original article by Peter Ker
The Australian Financial Review – Page: 13 & 23 : 18-Jan-18

Lawyers representing former Rio Tinto CEO Tom Albanese have rejected allegations that he concealed the true value of a Mozambique coal project, arguing that other officers and employees of the resources group were responsible for asset valuations and impairment charges. Albanese’s lawyers, as well as those representing former CFO Guy Elliot and Rio Tinto, will ask a US court to dismiss the Securities & Exchange Commission’s fraud charges.

CORPORATES
RIO TINTO LIMITED – ASX RIO, UNITED STATES. SECURITIES AND EXCHANGE COMMISSION, JONES DAY

Top CEOs admit public trust deficit

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Original article by James Thomson, Michael Smith, Tony Boyd
The Australian Financial Review – Page: 1 & 9 : 8-Dec-17

CEOs such as Coca Amatil CEO Alison Watkins say big business needs to do a better job of explaining its contribution to the economy to the general public. Origin Energy CEO Frank Calabria contends that the average Australian has tuned out to both government and big business, while departing Commonwealth Bank CEO Ian Narev says it is important that big business is willing to acknowledge its mistakes. APA Group CEO Michael Cormack says the federal government should stop using big business as a scapegoat for its own mistakes.

CORPORATES
COCA-COLA AMATIL LIMITED – ASX CCL, ORIGIN ENERGY LIMITED – ASX ORG, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, APA GROUP – ASX APA, QANTAS AIRWAYS LIMITED – ASX QAN, WESTPAC BANKING CORPORATION – ASX WBC, RIO TINTO LIMITED – ASX RIO, ENERGYAUSTRALIA PTY LTD, SANTOS LIMITED – ASX STO

Rio Tinto and former bosses charged with fraud by US regulator over Mozambique coal

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Original article by Michael Janda
abc.net au – Page: Online : 19-Oct-17

Rio Tinto and former CEO Tom Albanese will contest the fraud charges that have been filed against them in the US. The Securities & Exchange Commission will contend that Albanese and ex-CFO Guy Elliott deliberately concealed the true value of a Mozambique coal project for which Rio Tinto had paid $US3.7bn in 2011. The SEC will allege that Rio only disclosed the real value of the coal assets after an executive informed chairman Jan du Plessis of the valuation discrepancy in early 2013. Rio Tinto subsequently wrote down the value of the assets by $US3bn and sold the project for just $US50m in 2014.

CORPORATES
RIO TINTO LIMITED – ASX RIO, UNITED STATES. SECURITIES AND EXCHANGE COMMISSION, RIVERSDALE MINING LIMITED, RIO TINTO COAL MOZAMBIQUE, VEDANTA RESOURCES PLC, GREAT BRITAIN. FINANCIAL CONDUCT AUTHORITY, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

Corporate executives set to escape 457 visa changes

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Original article by Patrick Durkin
The Australian Financial Review – Page: 2 : 5-Jun-17

The Australian Government is expected to release a revised list of occupations that are excluded from the 457 visa scheme by the end of June 2017. The CEOs of several listed companies are among those to be affected by the visa reforms, but business groups are confident that the Government will relax the new rules with regard to senior executives. Sectors such as retailing, hospitality, tourism and higher education are also seeking exemptions from the new visa rules.

CORPORATES
AUSTRALIA. DEPT OF IMMIGRATION AND BORDER PROTECTION, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, GRAINCORP LIMITED – ASX GNC, ORICA LIMITED – ASX ORI, NBN CO LIMITED, KORN/FERRY AUSTRALASIA, AUSTRALIAN MINES AND METALS ASSOCIATION (INCORPORATED), BHP BILLITON LIMITED – ASX BHP, WOODSIDE PETROLEUM LIMITED – ASX WPL, AMERICAN CHAMBER OF COMMERCE IN AUSTRALIA, FRENCH CHAMBER OF COMMERCE AND INDUSTRY, MERCER CONSULTING GROUP INCORPORATED, WELLS FARGO AND COMPANY, GM HOLDEN LIMITED, 3M CORPORATION, EUROPCAR, UNIVERSITY OF SYDNEY

Rio looks long term and offers Jacques 10 years at the top

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Original article by Peter Ker
The Australian Financial Review – Page: 25 : 4-May-17

Todd Warren of Colonial First State Global Asset Management supports Rio Tinto’s revelation that CEO Jean-Sebastien Jacques has been given a 10-year contract. He argues that such a contract allows management to make decisions with a company’s long-term interests in mind. Warren and Peter O’Connor of Shaw & Partners are both of the view that CEOs with long mandates should be subject to short-term performance standards. The length of Jacques contract was not specified when he was appointed in March 2016.

CORPORATES
RIO TINTO LIMITED – ASX RIO, COLONIAL FIRST STATE GLOBAL ASSET MANAGEMENT, SHAW AND PARTNERS LIMITED, ORIGIN ENERGY LIMITED – ASX ORG, LEIGHTON HOLDINGS LIMITED, WORLEYPARSONS LIMITED – ASX WOR

Seven probe set to clear Worner as director quits

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Original article by Mitchell Bingemann
The Australian – Page: 1 & 7 : 3-Feb-17

Law firm Allens has completed its investigation into the allegations against Seven West Media CEO Tim Worner made by former employee Amber Harrison. The Allens report is expected to exonerate Worner, who has admitted that he had a sexual relationship with Harrison. Meanwhile, Sheila McGregor has resigned from the board of Seven West Media. It is believed that she had concerns about the way the company has handled the Harrison scandal.

CORPORATES
SEVEN WEST MEDIA LIMITED – ASX SWM, ALLENS, GILBERT AND TOBIN LAWYERS, IINET LIMITED

Regulating profits ‘dangerous’

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Original article by James Eyers, Joanna Mather
The Australian Financial Review – Page: 1 & 8 : 5-Oct-16

Commonwealth Bank CEO Ian Narev fronted a parliamentary committee on 4 October 2016, where he responded to questions on issues such as profits, interest rates and the bank’s insurance and financial planning scandals. Narev cautioned against any move to regulate the profits of the banking sector, stressing that banks need healthy profits to ensure that they can ride out economic shocks. The CEOs of the other major banks will appear before the committee in coming days. The Australian Labor Party continues to argue the case for a royal commission into the banking sector.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA. HOUSE OF REPRESENTATIVES STANDING COMMITTEE ON ECONOMICS, FINANCE AND PUBLIC ADMINISTRATION, AUSTRALIAN LABOR PARTY, WESTPAC BANKING CORPORATION – ASX WBC, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, COMMONWEALTH FINANCIAL PLANNING LIMITED, COMMINSURE, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, LIBERAL PARTY OF AUSTRALIA, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, RESERVE BANK OF AUSTRALIA

Timing of bank inquiry will limit scrutiny: ALP

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Original article by Primrose Riordan
The Australian Financial Review – Page: 7 : 19-Sep-16

The Opposition has questioned the timing of a scheduled appearance by the "big four" bank CEOs before a parliamentary committee. They will front the inquiry in early October 2016, which coincides with both school holidays and a non-sitting week for Parliament. The Australian Labor Party also notes that it also covers the so-called "blackout period" for some of the banks, which will restrict the amount of information the CEOs can publicly disclose prior to the release of their financial results.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. HOUSE OF REPRESENTATIVES STANDING COMMITTEE ON ECONOMICS, FINANCE AND PUBLIC ADMINISTRATION, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA

Bank chiefs to face three-hour grilling

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Original article by Fleur Anderson
The Australian Financial Review – Page: 3 : 16-Sep-16

The CEOs of Australia’s "big four" banks will front a parliamentary committee over three days in October 2016. Each CEO is slated to appear before the inquiry for three hours, under the Federal Government’s new policy of requiring banking industry leaders to front up to parliament once a year. However, the Opposition has criticised the timing of the CEOs’ parliamentary testimony, given that it will be during school holidays and in a week when parliament is not sitting.

CORPORATES
AUSTRALIA. HOUSE OF REPRESENTATIVES STANDING COMMITTEE ON ECONOMICS, FINANCE AND PUBLIC ADMINISTRATION, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA, RESERVE BANK OF AUSTRALIA, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIAN BANKERS’ ASSOCIATION, AUSTRALIA. DEPT OF THE TREASURY

Power is still on after five years at FMG, so what’s next?

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Original article by Tess Ingram
The Australian Financial Review – Page: 13 & 16 : 18-Jul-16

Fortescue Metals Group has significantly reduced its debt and ramped up iron ore production since Nev Power succeeded Andrew Forrest as CEO on 18 July 2011. Fortescue’s "C1" cost of production was around $US50 per tonne at the start of Power’s tenure, but some analysts believe that it may have come close to achieving its goal of reducing this to $US13/tonne in 2015-16. Fortescue exceeded its full-year production target of 165 million tonnes, with shipments for the fiscal year totalling 169.4 million.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG, BHP BILLITON LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO