CHIEF FINANCIAL 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

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

CFOs look on bright side

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Original article by Damon Kitney
The Australian – Page: 22 : 14-Jul-16

Some 33 per cent of CFOs at S&P/ASX 200 companies are confident about the future, according to a new Deloitte survey. This compares with just five per in the second half of 2015. The survey, which was carried out in the first half of 2016, also shows that 80 per cent of respondents think that uncertainty is a deterrent to business investment. Meanwhile, nearly 45 per cent of respondents believe that it is a good time to embrace balance sheet risk. New data from Roy Morgan Research also shows that there has been an upturn in business confidence.

CORPORATES
DELOITTE TOUCHE TOHMATSU LIMITED, ROY MORGAN RESEARCH LIMITED, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, KPMG AUSTRALIA PTY LTD, STANDARD AND POOR’S ASX 200 INDEX, AGL ENERGY LIMITED – ASX AGL

Australia lags in female CFOs

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Original article by Tess Ingram
The Australian Financial Review – Page: 18 : 8-Mar-16

Boral, Origin Energy, Dexus Property Group, Perpetual, GPT Group and Magellan Financial Group are the only top-100 listed companies in Australia that have a female CFO, according to research by Conrad Liveris. In contrast, 11 of the 100 largest companies globally boast a female CFO. The research also shows that women now account for 13 of the CFOs at Australia’s 200 largest listed companies, compared with 10 in 2012, while 12 of these companies have a female CEO.

CORPORATES
BORAL LIMITED – ASX BLD, ORIGIN ENERGY LIMITED – ASX ORG, DEXUS PROPERTY GROUP – ASX DXS, PERPETUAL LIMITED – ASX PPT, GPT GROUP – ASX GPT, MAGELLAN FINANCIAL GROUP LIMITED – ASX MFG, STANDARD AND POOR’S ASX 200 INDEX, CITIGROUP PTY LTD, WESTPAC INSTITUTIONAL BANK, DIVERSITY PARTNERS PTY LTD, ARETE EXECUTIVE PTY LTD

CFOs lose patience with pace of reform

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Original article by Jacob Greber, Lucille Keen
The Australian Financial Review – Page: 3 : 16-Jul-15

A quarterly survey of CFOs by Deloitte shows that nearly 74 per cent of respondents think the Australian Government should act more quickly to reduce the Budget deficit. This compares with 54 per cent 12 months earlier. Meanwhile, 56 per cent of CFOs do not expect the small business measures in the May 2015 Budget to do much to boost business investment. However, 68 per cent anticipate that their company’s revenue will rise in the next year.

CORPORATES
DELOITTE TOUCHE TOHMATSU LIMITED, WESTPAC BANKING CORPORATION – ASX WBC, RESERVE BANK OF AUSTRALIA, AUSTRALIA. DEPT OF THE TREASURY, BUSINESS COUNCIL OF AUSTRALIA, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY

Ex-Sigma CEO faces jail for falsifying company accounts

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Original article by Sarah Danckert
The Australian Financial Review – Page: 3 : 3-Jul-15

Two former senior executives of Australian-listed Sigma Pharmaceuticals will return to court in September 2015, after pleading guilty to charges of falsifying the group’s financial accounts. Elmo de Alwis was CEO until 2010, while Mark Smith stepped down as CFO in the same year. They have also been charged with providing false and misleading statements to the group’s board of directors and auditors.

CORPORATES
SIGMA PHARMACEUTICALS LIMITED – ASX SIP, COUNTY COURT OF VICTORIA, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

Post-budget uncertainty takes toll on CFO confidence

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Original article by Shaun Drummond
The Australian Financial Review – Page: 19 : 16-Jul-14

Deloitte has released the findings of its quarterly survey of Australian CFOs. Some 62 per cent of respondents expect the Federal Government’s May 2014 Budget to adversely affect the economy. Meanwhile, 38 per cent said the Budget will negatively affect their company, although 40 per cent anticipate no impact. The survey for the June quarter also found that 70 per cent of CFOs forecast revenue growth in the next 12 months

CORPORATES
DELOITTE TOUCHE TOHMATSU LIMITED