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Sorry Malcolm, Alexander Downer doesn't rate business guys as politicians

Colin Kruger, CBD

With Malcolm Turnbull's political stock at an all-time low, CBD wonders if he will be tuning in to see Alexander Downer on the telly this Sunday as the guest of Nine's morning yawn, In Conversation with Alex Malley. 

Bean counting boss, Malley, will interview our man in the UK on his political career.

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Can ASIC deliver?

It will take time and much more than speeches by the Chairman to build ASIC’s credibility as a regulator with the will and the fists to go in hard and early on the shonks. Michael Pascoe comments.

But given the business flavour of the program, the pre-show publicity included some quotes from Downer regarding his views on what it takes to be an effective political leader.

"You need experience in politics to be good at politics … So just to take someone who is the CEO of a major company and think she might or he might make a great politician, don't be so sure, they might be absolutely hopeless at it, and this has happened through the years." 

Does heading an investment bank count, or was Downer referring to the Trump effect? 

At least Downer is doing his best to keep things sweet with some of his former Liberal Party colleagues.

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He even spent $1000 on a lunch for Justice Minister Michael Keenan last November. Minister Keenan would have had a whale of a time if he had bothered to show up. 

Focus Vocus 

Just as well the failed Vocus coup, which led to the boardroom eviction of James Spenceley and Tony Grist last month, cleared the decks of any dissidents at the telco.

Tuesday's stock carnage, which was triggered by a rather unpalatable market update at the company's shareholder meeting, underlines the fact that the executive talent really cannot afford any distractions as they stitch together the fruits of the telco's acquisition binge. 

Spenceley and Grist were agitating for the removal of CEO, Geoff Horth, arguing he was not the right guy to take Vocus forward – which might be putting a bit of pressure on the victorious Vocus board members. 

​"The board is strongly of the view that Vocus is effectively governed and managed, as evidenced by the strong operational and integration results being achieved since the merger with M2, and the proposal would needlessly destabilise the company,"  Vocus chairman David Spence said in October after successfully defeating the coup. 

The shares have now halved since June, with Tuesday's 24 per cent plunge triggered by dismal earnings forecasts and the admittance that "operational and integration results" are not as good as the market expected. 

At least there is a silver lining for our banished duo.

Spenceley and Grist cashed out more than $36 million of shares in August at more than $8 a share. The stock closed on Tuesday at $4.35.

Magic Mike 

Even bankers can't escape the reality that it's harder to get a pay rise these days, as many in Bendigo and Adelaide Bank have found out recently.

Staff from the regional bank who are not covered by the collective agreement were recently told about their pay prospects. For about two-thirds of them, it was a case of no rise, and no bonus.

Managing director, Mike Hirst, flagged this in an email last month, which said the bank would need to be "judicious" in its spending on pay rises and bonuses for salaried workers, and there would be no central bonus pool fund this year.

Only those who had demonstrated "significant growth" in their roles or contribution would be lucky enough to get a pay rise. 

All employees will get a $620 share grant each. But in the world of banking that barely counts as a bonus.

But don't worry, the bank's top executives are missing out too. The same standards would be applied to the top brass, Hirst said.

Hirst won't be missing out completely, of course. At last month's annual meeting he was granted performance rights that ISS estimated would be worth up to $3 million to the bank's boss.

Safe to say Hirst will have a lot of people avidly watching the "significant growth" generated from the top office.

Board's Turf 

And in very late news, Westpac economics guru – and punter extraordinaire – Bill Evans was re-elected to the Australian Turf Club board for a new four-year term after building an unbeatable lead on the other 11 who lined up at the starter's gate. 

PR maven, Angela Belle McSweeney, came in second and picked up the last board seat from the retiring ATC chairman, Michael Crismale. 

Got a tip? ckruger@fairfaxmedia.com.au

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