Home' InDaily : January 17th 2011 Contents PARTNERS
MONDAY 17TH JANUARY 2011
An independent expert has
concluded the $13 billion takeover
of AXA Asia Pacific Holdings
Ltd by its parent AXA SA and
local rival AMP Ltd was fair and
reasonable to shareholders, AXA
APH said, as the long-drawn deal
draws to a close. The deal will
be put to shareholder vote on
March 2, with a court hearing on
March 7 and the effective date
for completion of the deal set for
March 8, AXA said in a statement.
China tops 10pc
The Chinese economy grew
around 10.1 per cent last year,
the deputy head of China’s top
economic planning agency told
Reuters, which amounts to the
fastest pace of annual growth in
three years. Zhang Xiaoqiang,
vice chairman of the National
Development and Reform
Commission, said the country’s
gross domestic product totalled
about 39.5 trillion yuan ($6.02
trillion) in 2010.
claimants line up
THE law firm Slater & Gordon
has signed on more than 5000
shareholders for a class action
against the copper and gold
miner OZ Minerals.
The class action alleges the
miner failed to disclose the full
extent of its debt and refinancing
difficulties as it struggled to stay
afloat in 2008.
It also alleges OZ Minerals
engaged in misleading or
deceptive conduct and breached
its continuous disclosure
obligations by... Read more
JUST how much the chief executive of ANZ,
Mike Smith, and his board knew about the
bank’s equity finance business has become a
central question after the bank filed its defence
in a $285 million legal fight with the principals of
the failed margin lender Primebroker Securities.
Amid ANZ’s disasters in margin lending
- primarily the collapses of Opes Prime,
Tricom Securities and Primebroker - the bank
has consistently denied its board had any
knowledge of the high-risk business.
Equity finance is a form of securities lending
where the ownership of shares is temporarily
transferred in return for cash or collateral.
An internal report in 2008 was ordered and
overseen by Mr Smith and spearheaded by an
independent director, David Crawford. It found
the equities finance business ‘’grew without
the knowledge or approval of the board’’.
That view was maintained by the chairman,
John Morschel, at the annual meeting in
Adelaide last month. A shareholder asked him
to confirm if the board had ‘’no knowledge of
the equity finance business or product’’ before
the failures of Opes, Tricom and Primebroker.
Mr Morschel said: ‘’I can confirm that.’’
The findings of the Crawford... Read more
ANZ’s big question
Gerry Harvey has more allies
join online fight
TWO key moves today have added more fuel
to the push by retailers calling for a better
deal for local businesses that are struggling to
compete with burgeoning online sales.
Australia’s Furniture Manufacturing industry
today threw its support behind Harvey
Norman and other Australian retailers, while
those already involved in the campaign met
this morning to formalise their efforts.
The Furnishing Industry Association of
Australia said Australian jobs would be lost
if Government policy continued to hand
an unfair advantage to offshore furniture
manufacturers by not imposing GST on
online sales under $1000. Read more
ANZ CEO Mike Smith – did the board
approve risky equity finance business?
OZMineral’s Century mine
SEXUAL HARASSMENT CLAIMS
WEDNESDAY 16 FEBRUARY 2011
In August 2010, a landmark sexual
harassment claim was lodged against David
Jones; the former CEO of David Jones; and
individual board members. A briefing will
provide a forum for open analysis, discussion
and debate on these important issues.
THE ROLE OF A CHAIRMAN
FRIDAY 11 MARCH 2011
Mr James MacKenzie, Chairman, Pacific
Brands Ltd will examine the challenging,
complex and often lonely issues facing
today’s chairmen, and equip you with the
skills and techniques you need to tackle
them head on.
CALLING ASPIRING DIRECTORS
2011 FOUNDATIONS OF DIRECTORSHIP
The program is designed to provide
you with a basic overview of the duties
and responsibilities of directors, an
introduction to finance, strategy and risk
at a board level.
Click to view
Click to view
Click to view
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