GUEST BLOG: Ross Meurant – Fiduciary acumen of former National Party Cabinet
Media reports say it all.
Key said an internal investigation begun three months ago in Australia by group chief executive Shayne Elliot in Australia covering multiple senior executives had revealed “anomalies”, which the ANZ New Zealand board were told about three months ago.
It was announced on Monday that Hisco has left ANZ.
Question? Why was it the Aussie and not the Kiwi who found the rot on this side of the Tasman? Where was John Key?
ANZ chairman and former prime minister John Key says a review of outgoing chief executive David Hisco’s expenses did not include the purchase of his beach house.
The house at 43 Success Court, Omaha, is now owned by Hisco and associates. It was previously owned by John and Bronagh Key.
Four Mainzeal directors, including former prime minister Dame Jenny Shipley, have been found liable for $36 million of damages over the collapse of the once-proud construction company.
Shipley and fellow directors Richard Yan, Peter Gomm and Clive Tilby breached their legal duties as directors, the judge found, but he ruled Yan bore a higher level of responsibility for losses, having “induced” the other directors to breach their duties.
In his only media interview since the $127 million Lombard Finance collapse, company chairman Sir Douglas Graham tells NBR Online of his shame, ordeal and calamitous fall from grace.
On the eve of being sentenced for giving misleading information about the state of Lombard’s loan book just before the company fell, Sir Douglas Graham is on an emotional roller coaster ride.
Ross Meurant is a former Police Officer, Politician and author
Great post.
Questions should also be, why ANZ only noticed the expenses after 9 years.
Should they be in charge of a bank?
Why do OZ banks get to self certify risk when they can’t even keep up with CEO expense claims for 9 years?
Why it has been leaked in the first place to discredit Hisco? Aka it does not exactly seem like a major offence he committed and he doesn’t even have to pay the money back because it is not fraud.
Questions like, did the board just want to get rid of Hisco because he was on sick leave and when he wouldn’t go, leaked this scandal?
Questions like maybe hey didn’t want to pay his out his equity entitlement of millions so decided to try and get dirt on him and create a fake scandal to make him stand down?
Was Hisco on sick leave and stood down and this scandal all over the MSM because he was NOT on board with what the board were doing?
Will be then be a ‘scapegoat’ when more bad stuff about ANZ practises come out, so the board can pretend it was all on him?
Who knows, but something does not smell right, here!
SaveNZ – The bad smell here emanates from (a) John Key seeming to me to be doing a Paula B by trying to make himself look like a pillar of salt – oops a pillar of virtue – by dragging someone else down, and from (b) ‘trial by media’ which always stinks to high heaven.
Hisco’s chauffeur-driven car is no big deal – to me, that is. I know- but John Key may not – that top professional professional people are on the job 24×7. And what’s more, they are expected to be available 24×7 as any top surgeon – who hasn’t died young – can verify.
I’m not saying that Hisco was a ‘top person’, I am simply saying
that there are categories of people whose job practically encompasses every waking and sleeping hour.
If, however, the New Zealand ANZ Board were oblivious to the anomalies on their own patch, then perhaps they are not exactly top people themselves.
Flogging off a spare house to a mate is no big deal either, I mean it saves on estate agent’s fees, and it should be no obstacle to kicking a bloke when he is down and the deed signed off.
But, as a fairly simple sort of person, I can’t figure out why have a whole board of highly paid persons if only one is accountable ?
I really hope that Mr Hisco gets better, so that the ANZ can address its questionable processes in an equitable fashion without having to wallow in the gutter… in winter esp.
Because shit rolls down hill. The higher ups and yes there are even high ups than the Group CEO. But essentially bankers are rewarding for thing on more risky behaviour. It’s one of the few jobs where the middle workers can earn more than the bosses, by being risky and essentially braking laws, for increased financial compensation. So changing a 1 to 1 million with the stroke of a Keyborad. There are numerous examples of bankers from branch managers right up to today with ANZ Chairman John Key fudging the numbers by leaving out about $200 million from its risk profile so that they didn’t have to keep as much money in reserve – https://www.msn.com/en-nz/money/finance/ex-bnz-chairman-says-sir-john-key-should-resign-from-anz/ar-AACdlSI?li=BBqddE1&p=DevEx%2C5109.1
They all do it. They all bullshit. You have to in a mark to model accounting set up. So the market presents prices and it’s the bankers job to create the model that pays future prices or fortune telling. We don’t have to respect it because it’s bullshit. When some one is caught fudging the numbers we don’t have to respect them because they’re bullshit.
Its getting harder for Bank Execs to turn a record profit. It’s all pals at the palace.
It is my belief that Key may have been a contender to return for National as leader of the party in 2017…..due to a lack of favourable options within the current Nat party….if so watch comeback media stories such as Rocky, and maybe even a cameo from Tiger Woods…..
Bernard Hickey says you pissed on a mate thats not OK and not is pissing in the pool
All senior Natz.
And all top of the Queens Honour list to boot!
Something to aspire to?