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    Governance

    This Month

    The ASX board on Bridge Street in Sydney. The exchange is replacing four key systems, including CHESS.

    The ASX faces a ‘ticking time bomb’ as technology upgrades delayed

    The market operator is attempting to simultaneously upgrade several major systems, one of which is at an early stage and already seven months behind schedule.

    • Paul Smith
    ASX CEO Helen Lofthouse, had to pull the pin on the CHESS upgrade early in her tenure.

    Regulator needed as ASX techies tinker with critical infrastructure

    The ASX has a glut of big tech upgrades to deliver, on top of its CHESS debacle ‘do-over’. If it stuffs them up, then everyone in the market suffers.

    • Paul Smith
    Mauro Neves was supposed to be running an explosives maker that feeds the mining industry.

    Spilt milk everywhere as Incitec pivots, again

    We have another “deal yourself in, deal yourself out” situation. And it isn’t pretty.

    • Anthony Macdonald
    The government says it wants to protect aged care residents.

    Aged care insurance fees jump on threat of fines and jail

    Premiums have doubled for some aged care providers and directors, due to potential big fines and jail time for breaching proposed tougher laws.

    • John Kehoe

    June

    Ray David, of Blackwattle Investment Partners, says Rio Tinto’s dual-class structure is antiquated.

    How a shake-up could unlock $40b for Rio Tinto investors

    BHP cleaned up its outdated corporate structure and can now do things like bid for Anglo American. There is pressure building on Rio Tinto to consider doing the same.

    • Anthony Macdonald
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    HWL Ebsworth appoints new board

    The HWL Ebsworth partnership has elected seven members to its new governance board, which will bring it in line with common practice at other firms.

    • Maxim Shanahan
    APRA’s chairman, John Lonsdale. “Most of the framework is principles-based, which creates significant room for banks to run their businesses the way they want.”

    APRA chairman: I won’t be winding back the regulatory clock

    John Lonsdale hit back at CEOs seeking relief, declaring current APRA restrictions as deliberate and appropriate, in a speech at an ABA event on Wednesday.

    • James Eyers
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    Tax cuts will prolong rate pain: directors

    Economic uncertainty and the energy transition are among the top issues being debated in our biggest boardrooms.

    • Patrick Durkin and Sally Patten
    Paul O’Sullivan says it is appropriate for directors to disclose personal information about themselves if they wish.

    ANZ’s openly gay chairman warns on ASX’s sexuality disclosure

    Asking boards to disclose the sexuality, age and ethnicity of directors risks encroaching on their privacy and could make them a target for activists, leading directors warn.

    • Sally Patten and Patrick Durkin

    In the end, complexity felled the Lendlease empire

    Lendlease was globally recognised for engineering excellence, its ability to build thriving community spaces, and its nurturing of many leading CEOs. Its diminution is instructive as well.

    • Tony Boyd
    “I just want to start off by saying, hot damn, I love you guys,” Elon Musk told a Tesla shareholder meeting overnight.

    What directors should learn from Musk’s massive payout

    Tesla’s shareholders still believe in the magic of their chief executive, but critics say the bumper payday has warped some of the company’s decisions.

    • Karen Maley
    Tesla founder Elon Musk has the backing of his investors once again.

    The cult of Musk is alive and well. Now he needs to deliver

    Elon Musk’s massive pay deal has been re-approved by Tesla investors. But the billionaire needs to stop selling the same old blue sky and start delivering.  

    • James Thomson
    Transurban CEO Michelle Jablko started dealing with Chanticleer two decades ago, when she was a banker at UBS.

    ‘Chanticleer for a day’ draws out three big issues

    Infrastructure planning, boosting equity markets and re-thinking social advocacy by companies are three things these movers and shakers put on Chanticleer’s agenda.

    • Anthony Macdonald
    ASX said its medium-term costs would be elevated as it continues with complex technology improvement programs.

    ASX investors spooked by rising technology costs

    Shares in the equities market operator slumped 8 per cent after it revealed elevated capital expenditure over the medium term, as it continues with the CHESS fix.

    • James Eyers
    Incoming Qantas chairman John Mullen said businesses should adopt balanced approaches to social issues that could outlast a government.

    Big business’ Voice advocacy backfired: new Qantas chairman

    John Mullen said businesses should not be “completely anaesthetised” on social issues, but warned it can be dangerous for firms to back politicised causes.

    • Nick Bonyhady
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    Katrina Rathie says it is time for ethnic diversity targets on boards.

    Gender, sexuality reveal plan for boards should go further: advocates

    A proposal that boards state the sexuality, age, Indigenous heritage and disabilities of directors does not go far enough, say advocacy groups and some directors.

    • Sally Patten
    Peter Costello talking to journalists after the incident involving a reporter.

    Peter Costello denies pushing Canberra journalist

    The Nine Entertainment chairman says he did not assault a journalist who approached him on Thursday, after video of the incident showed the man falling over. 

    • Tom McIlroy
    Protestors at the Federal Court campaigning against Santos’ Barossa project.

    Damning Tiwi Island judgment makes bank CEOs wary of in-person visits

    Major lenders had promised to send bosses to meet traditional owners near Santos’ Barossa gas project. The Federal Court has made them reconsider.

    • James Eyers
    Anthony Miller, the chief executive of business and wealth at Westpac.

    Companies undeterred by failure of the Voice referendum

    Big companies such as Westpac say the failure of the Voice referendum will not dissuade them from campaigning on social issues.

    • Sally Patten and Patrick Durkin
    Anne Templeman-JonesAnne Templeman-Jones welcomes disclosure about the make-up of boards, but warns it could result in a tick-a-box approach.

    Proposed director disclosures may raise privacy concerns

    Leading directors question whether an ASX proposal to recommend board members disclose their sexuality, age, ethnicity and any disabilities would add value.

    • Sally Patten and Patrick Durkin