Dimwits and Dictators
While a report this week highlighted serious governance issues surrounding the amount of party-related transactions occurring within Australia's top 50 public companies, some prominent board-seat warmers found themselves being dragged over the coals for just 'plain incompetence'.
WEEKLY RUNDOWN
Top 50 guilty of in-house deals
Australia's top 50 publicly listed companies had dealings with their own directors and executives that were "astounding" by international levels, and most did not have policies for dealing with them, according to a first-ever survey of governance practices.
Full Story: http://www.theaustralian.news.com.au/common/story_page/0,5744,6573023%255E643,00.html
DJs captain walks the plank
DAVID Jones chairman Dick Warburton bowed yesterday to market pressure, stepping down from the board after taking responsibility for losses of about $117 million from the retailer's disastrous Foodchain venture.
Full Story: http://www.smh.com.au/text/articles/2003/06/03/1054406194417.htm
Ban, fine and claim for Elliott
'BUSINESSMAN' John Elliott had no grasp of what was required of a company director and should be banned from running a corporation for up to seven years, a Melbourne court was told yesterday.
Full Story: http://www.theaustralian.news.com.au/common/story_page/0,5744,6541569%255E643,00.html
Small shareholders fight losing battle for MIM
Long-suffering MIM Holdings shareholders have reluctantly agreed to hand the company to Swiss suitor Xstrata for $5 billion, despite serious reservations about the independent valuation by Grant Samuel & Associates.
Full Story: http://www.theage.com.au/text/articles/2003/06/06/1054700388999.htm
POST-WAR IRAQ
On the international scene, Australian companies scavenging for contract scraps on the unfair playing field of post-war Iraq, continue to be battered by 'sketchy' US predators. A similar battering by big business on US media ownership rules sparks fears of a Murdoch (Fox News) assault on independent news.
US beats Telstra to Baghdad
A SECRET trip by Telstra executives to secure part of a $US45 million ($67 million) mobile phone contract in Baghdad has ended in failure, with the contract going to a bankrupt US group with almost no experience in mobiles.
Full Story: http://www.theaustralian.news.com.au/common/story_page/0,5744,6565784%255E643,00.html
AWB denies Saddam bribe claims
United States wheat growers have accused AWB of bribing Saddam Hussein's family to win dominance in the 2 million tonnes annual Iraqi wheat market.
Full Story: http://www.theage.com.au/text/articles/2003/06/05/1054700334163.htm
Murdoch in box seat as media fight plays out
A plaintive cry from MoveOn.org, an online lobby group protesting against an easing of US media ownership restrictions, has fallen on deaf ears.
Full Story: http://www.smh.com.au/text/articles/2003/06/06/1054700388255.htm
CORPORATE LEGISLATION
Conflicts of Interest
Some business commentators and shareholder lobby groups continue to question the use of the ASX, a highly profitable listed company in its own right, as the watchdog over the share trade practices of other companies.
Catch up on the debate: http://businesssunday.ninemsn.com.au/businesssunday/Interviews/stories/story_1670.asp
http://theage.com.au/text/articles/2003/05/30/1054177727943.htm
WORLD WIDE WEB
Corporate Manslaughter
After more than ten years of lobbying on the issue of corporate manslaughter, the UK based Centre for Corporate Accountability (CCA) has had a win...the UK Government finally announced that the existing corporate criminal accountability laws would be reviewed and amended. The CCA, apart from being a leading lobbyist for change and wealth of information on the subject, also offers free and independent advice to families and friends bereaved as a result of a work-related death and works to ensure that the death is properly investigated.
http://www.corporateaccountability.org
QUOTE OF THE WEEK
"A criminal is a person with predatory instincts who has not sufficient capital to form a corporation."
Howard Scott.
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