Fund managers are now trying to price the unpriceable risks of berserk founder-CEOs and of being transacted out of high-performing companies with zero recourse.
Hardie has engineered the perfect heist, diluting its Australian shareholders and escaping the ASX primary listing and its pesky checks on executive pay.
Cast your eye around the ANZ board room table and it becomes apparent how Shayne Elliott got away with as much as he did. Seven directors, and virtually no banking expertise.
Over a decade, Westpac has lurched from one personnel blunder to the next. But like choosing an ugly bridesmaid, every chair and CEO dreams of finding someone worse to make him look better. The bank’s arrival at Steven Gregg is simply another outworking of that truth.
The Nine merger was a terrible deal for Fairfax shareholders and the enmity which then festered between the Fairfax-Nine directors facilitated the unforgivable drift of Domain, the group’s primary growth asset.
