Because it occurs, company Australia performs the sport fairly properly too…
Readers could marvel simply how our legislators contain themselves in so many conflicts of curiosity. However company Australia isn’t unhealthy at it both, as proven by Monday’s $8.3 billion BHP bid for OZ Minerals.
The strategic intention is evident — BHP boss Mike Henry desires to get his fingers on extra copper belongings — nevertheless it’s the advisory desk the place eyebrows are raised.
BHP chair Ken MacKenzie can also be a strategic adviser to the Magellan-owned company advisory home Barrenjoey. Guess who BHP selected to advise the corporate on the OZ Minerals deal? Barrenjoey.
To not be outdone, OZ chair Rebecca McGrath additionally sits on the Macquarie board — and sure, Macquarie is her defence adviser within the bid.
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It’s a small world, company Australia, as Sydney Airport’s new homeowners IFM, GIP, AustralianSuper and UniSuper have proven us after final week’s appointment of David Gonski as “impartial chair”. That is similar Gonski who, together with the remainder of the outdated board, stood apart in March after accepting the profitable bid from IFM, AustralianSuper, GIP et al.
Crikey is assured headhunter Heidrick & Struggles carried out a radical evaluation and the brand new board couldn’t consider a greater individual than Gonski, who is aware of the airport higher than most.
Puzzled shareholders ought to bear in mind the rule of thumb that may be summarised as “no battle, no curiosity”.