ME Bank’s new CRO to test impact of new credit rules
PUBLISHED: 29 Jul 2014 09:42:00 | UPDATED: 29 Jul 2014 10:04:50PRINT EDITION: 28 Jul 2014Shaun Drummond
![ME Bank’s new CRO to test impact of new credit rules](/web/20140801002357im_/http://www.afr.com/rf/image/2009-2014/AFR/2014/07/28/Photos/b7c24f34-16b0-11e4-a530-595918d51630_syd-5lqjlrlimtw1h85x18yd-355--646x363.jpg)
ME Bank’s new chief risk officer Carlo Cataldo says the bank wants the new comprehensive credit reporting regime to be compulsory as it could open new lending opportunities to people excluded from borrowing.
Mr Cataldo, who took up his new job at the super fund backed bank last Monday, is also a former chairman of the Australian Retail Credit Association.
Smaller lenders hope the CCR will give them access to more data on borrowers they don’t already lend to, giving them the ability to price risk more accurately and pick up new customers.
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Post-budget uncertainty takes toll on CFO confidence
PUBLISHED: 16 Jul 2014 00:05:00 | UPDATED: 17 Jul 2014 12:39:11PUBLISHED: 14 Jul 2014 PRINT EDITION: 16 Jul 2014Shaun Drummond
![Post-budget uncertainty takes toll on CFO confidence](/web/20140801002357im_/http://www.afr.com/rf/image/2009-2014/AFR/2014/07/14/Photos/ce3e62e0-0b37-11e4-b931-31a4e6f6c98e_syd-6fp68o6h208150lavdxx--646x363.jpg)
CFOs would prefer to take the temporary economic pain most think the budget will bring than endure more uncertainty over its prospects. Photo: Glen McCurtayne
Almost two-thirds of chief financial officers say the budget will hurt the economy but most would swap the present uncertainty over how much will pass the Senate for the short-term pain of the cuts it would introduce.
The latest quarterly survey of CFOs by Deloitte finds 62 per cent think it will be negative for the economy and 38 per cent believe it will hit their own company.
But 40 per cent said the budget would have no impact on their business and most continued to foresee significant rises in revenue, margins, cash flow and staff numbers over the next 12 months. About 72 per cent supported the government’s plans for the “rate of fiscal repair” (or balancing the budget), or said it should happen faster.
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Transurban finance boss out in management shakeup
PUBLISHED: 14 Jul 2014 19:05:12 | UPDATED: 14 Jul 2014 19:05:12PRINT EDITION: 14 Jul 2014
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Transurban’s chief financial officer Samantha Hogg has left the company after two years in the role as chief executive Scott Charlton resets his senior executive team, reports Jenny Wiggins.
Ms Hogg first joined Transurban in 2008 as treasurer. She previously worked for Western Mining before it was acquired by BHP Billiton in 2005.
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Budget woes weigh on finance chiefs
PUBLISHED: 18 Jun 2014 18:51:20 | UPDATED: 18 Jun 2014 18:54:42PRINT EDITION: 18 Jun 2014Tom Cowie and Shaun Drummond
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Just 7 per cent of CFOs think their spending will increase by 20 per cent or more, down from 26 per cent the year before Andrew Taylor
More than a quarter of Australian senior finance executives are concerned the domestic economy will slow their company’s growth, according to a global survey.
The data, released by American Express, comes as flat consumer confidence and an ongoing poor reaction to the federal budget continue to affect the outlook for the local economy.
According to the survey, 28 per cent of chief financial officers at Australian companies said economic conditions were the greatest threat to their company’s growth.
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Ex Salmat finance boss lands at Echo
PUBLISHED: 21 May 2014 18:23:00 | UPDATED: 22 May 2014 10:04:25PRINT EDITION: 21 May 2014
![Ex Salmat finance boss lands at Echo](/web/20140801002357im_/http://www.afr.com/rf/image/2009-2014/AFR/2014/05/21/Photos/8a57c888-e0c0-11e3-b58f-b06efcf85917_syd-5jxa6tpg5x0m1blik5o--646x363.jpg)
Chad Barton was Salmat CFO for five years until February
Chad Barton, the former chief financial officer of direct marketing company Salmat, will fill the shoes of Matt Bekier, who was elevated to CEO at casino operator Echo Entertainment in April.
Mr Barton was chief financial officer of Salmat from 2009 to February 2014, during which he led the restructure of the company and several acquisitions to move it from print to digital marketing.
Mr Bekier became CEO and managing director of Echo - which owns The Star casino in Sydney and Jupiters on the Gold Coast, among others - on April 11 after former chief executive John Redmond announced he would be returning the US after a year in the job.
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CFOs say regulatory changes could save $1.3bn
PUBLISHED: 09 May 2014 10:05:04 | UPDATED: 09 May 2014 13:32:57PRINT EDITION: 09 May 2014Shaun Drummond
![CFOs say regulatory changes could save $1.3bn](/web/20140801002357im_/http://www.afr.com/rf/image/AFR/Blogs/CFO/201405/Images/815002558--646x363.jpg)
G100 president Neville Mitchell: “There are processes and a culture that is developing that I think looks at the broader impact of regulation that I don’t think was there before.” Photo: Sasha Woolley
Chief financial officers from Australia’s largest companies have suggested more than $1.3 billion in regulatory savings across five sectors, but say any cuts must be accompanied by a cultural change in the regulators themselves.
More than a $1 billion of the savings recommended by the Group of 100 would come from changes in the way policy is formed for the highly regulated financial services sector. The other sectors covered were utilities, retail, services and manufacturing.
The recommendations to Josh Frydenberg, the parliamentary secretary to Prime Minister Tony Abbott, includes an appeal to curtail the way Australia’s financial regulators have been implementing numerous laws agreed globally in Australia, which the G100 says means they have strayed into deciding policy.
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iSelect joins list of finance chief moves
PUBLISHED: 08 May 2014 10:08:27 | UPDATED: 08 May 2014 10:08:27PRINT EDITION: 08 May 2014
![iSelect joins list of finance chief moves](/web/20140801002357im_/http://www.afr.com/rf/image/2009-2014/AFR/2014/05/08/Photos/d6bb3eb2-d643-11e3-8cfa-b169eb387401_syd-6e0094qjw5k1acv6p8rb--646x363.jpg)
Telstra’s CFO, Andy Penn, will add the telco’s Asian business to his CFO responsibilities
Chief financial officers have been jumping ship all of a sudden across numerous sectors, the latest from troubled insurance website iSelect.
David Chalmers announced his resignation on Wednesday after a bumpy float in June 2013. This included him acting as CEO for six months after its CEO Matt McCann resigned in October.
The CEO’s departure followed the corporate watchdog questioning iSelect’s prospectus forecasts.
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Nunn and Garaty step down from McAleese Group
PUBLISHED: 28 Mar 2014 12:58:00 | UPDATED: 28 Mar 2014 15:21:52PRINT EDITION: 28 Mar 2014Shaun Drummond
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The chief financial officer of McAleese Group, the owner of troubled trucking group Cootes Transport, Chris Nunn has resigned along with CEO Paul Garaty, reports Jared Lynch
Mr Nunn will be replaced by ex-GWA Group CFO Warren Saxelby.
Mr Nunn helped lead the turnaround of Centro property group (now Federation Centres) after it’s misstatement of liabilities during the financial crisis. He left the company two years ago and was replaced by former Westfield group CFO Marlon Teperson.
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Internal audit, environment and more sign offs in new governance rules
PUBLISHED: 27 Mar 2014 18:59:12 | UPDATED: 28 Mar 2014 11:27:34PRINT EDITION: 27 Mar 2014Shaun Drummond
![Internal audit, environment and more sign offs in new governance rules](/web/20140801002357im_/http://www.afr.com/rf/image/2009-2014/AFR/2014/03/27/Photos/bce0ea4e-b584-11e3-b3e9-e4714ccb8240_syd-5foh27bmu6garq8yfir-454--646x363.jpg)
Smaller companies will no longer be able to just say they can’t afford to manage risk.
Chief financial officers and their CEOs will need to sign off on every financial report, not just the full year ones under the first revision to the ASX’s corporate governance guidelines since the financial crisis.
The third edition of the new guidelines, released on Thursday, also requires listed companies to say whether they have an internal audit function.
Under another change affecting risk management disclosures, if companies don’t have an internal auditor or an audit committee, for example, they can’t just say it is because they are too small and it is too expensive to maintain them. Companies will need to explain what other measures they have taken to monitor and minimise risk.
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Buckingham to lead iiNet
PUBLISHED: 21 Mar 2014 12:56:29 | UPDATED: 21 Mar 2014 13:11:33PRINT EDITION: 21 Mar 2014Shaun Drummond
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iiNet’s new CEO David Buckingham has more than a decade of experience in telecommunications in the UK
iiNet chief financial officer and acting CEO, David Buckingham, has officially taken over from CEO and founder Michael Malone who resigned on Friday, reports David Ramli
Mr Buckingham landed the CFO role in 2008 when he was in Perth looking to move from the UK and found iiNet had just lost its finance chief.
He spent a decade before iiNet in the telecommunications sector in the UK at Telewest and Virgin Media.
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Legislation to let retail investors buy bonds on ASX
PUBLISHED: 20 Mar 2014 00:05:00 | UPDATED: 27 Mar 2014 10:32:34PUBLISHED: 20 Mar 2014 PRINT EDITION: 20 Mar 2014Shaun Drummond
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Years of regulatory tinkering to kick-start a retail corporate bond market will come to a head in June when legislative changes should pass that allow retail investors to buy bonds issued to institutional investors via the Australian Securities Exchange.
The new regime will also allow a less onerous prospectus to be used for retail bonds for multiple bond issues over three years, as long as the bonds are deemed “simple” enough.
The Australian Securities Exchange and some bankers insist the new mechanism will tap into demand from self-managed super funds for simple fixed-income investments.
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Cochlear finance chief says matching tax rules ‘impossible’
PUBLISHED: 19 Mar 2014 04:11:12 | UPDATED: 21 Mar 2014 13:52:42PUBLISHED: 19 Mar 2014 PRINT EDITION: 19 Mar 2014Shaun Drummond
![Cochlear finance chief says matching tax rules ‘impossible’](/web/20140801002357im_/http://www.afr.com/rf/image/2009-2014/AFR/2014/03/18/Photos/36d2d1c0-ae6c-11e3-93d6-7fe2df1d99d6_815002577--646x363.jpg)
Cochlear CFO and G100 national president Neville Mitchell says tax breaks are just one element determining where products are commercialised and manufactured. Photo: Sasha Woolley
Cochlear chief financial officer Neville Mitchell says countries will always compete via tax incentives to attract companies, whatever agreement is forged by G20 leaders this year.
The new national president of the business executives’ peak body the Group of 100 will be involved in consultations on tax changes this year as the government grapples with forging an agreement between the G20 to stop profit shifting while some countries change their tax regimes to compete for companies’ intellectual property.
“I think it is impossible to have a completely identical tax regime everywhere – total harmonisation is impossible,” Mr Mitchell said.
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Cochlear finance boss takes G100 presidency
PUBLISHED: 13 Mar 2014 11:03:37 | UPDATED: 13 Mar 2014 11:10:44PRINT EDITION: 13 Mar 2014Shaun Drummond
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Neville Mitchell has been CFO of Cochlear since it listed in 1995
Cochlear chief financial officer Neville Mitchell has been voted national president of the CFO peak body the Group of 100.
He takes over from Wesfarmers finance director, Terry Bowen, who has spent two years in the role.
Mr Mitchell has been the CFO of Cochlear since it listed in 1995.
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Gregg and Tyrwhitt paid out as Hochtief moves in
PUBLISHED: 13 Mar 2014 10:32:37 | UPDATED: 13 Mar 2014 14:16:14PRINT EDITION: 13 Mar 2014Shaun Drummond
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Leighton CFO and deputy CEO, Peter Gregg, employment terminated
Leighton finance boss and deputy chief executive Peter Gregg’s ambitions to be a CEO have been thwarted again.
He will be replaced along with CEO Hamish Tyrwhitt as part of a board and management spill as majority shareholder Hochtief moves to up its stake to 74 per cent of Leighton Holdings.
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King takes finance reins at Westpac
PUBLISHED: 07 Mar 2014 11:49:00 | UPDATED: 07 Mar 2014 16:16:43PRINT EDITION: 07 Mar 2014Shaun Drummond
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Peter King, deputy CFO of Westpac, will take over from CFO Phil Coffey in April
Westpac deputy CFO Peter King will take over from chief financial officer Phil Coffey on April 1 when he moves to be deputy chief executive.
The respected Mr Coffey has been CFO of Westpac since 2005. Mr King has been deputy CFO since 2011 and has worked at Westpac for almost 20 years.
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