EXPERIENCED chair and non-executive director, Ruth Medd, has spoken out ahead of the Westpac annual general meeting (AGM), saying the directors of Westpac are “clearly not fit for purpose having collectively presided over what has become a catastrophe".

Ms Medd, who co-founded Women on Boards with Claire Braund, made the remarks as a long -term shareholder and advocate for women in the boardroom. She said she would be voting against the re-election of Nerida Caesar and Peter Marriott and would have voted against the re-election of Ewen Crouch, had he not stepped aside.

She said the of the scandal that has erupted following the disclosure of 29 million legal breaches to Austrac, has shown a blatant disregard for ethical culture and behaviour.

“I read with interest the message from chairman in the Notice of Meeting and inferred that remuneration of senior staff and the board has become a proxy for culture at Westpac," Ms Medd said.

“For example: You have presided over a culture where a junior technology employee in Westpac’s Global Transaction Services division did not think it appropriate to report that money transfers with Standard Chartered Bank were not being reported to Austrac; and one where the compliance manager who reported the legal breaches was then moved on in favour of someone with ‘more experience’.

“The bottom line is that by your inaction, your disregard for proper process, your inability to learn from the experiences of others like the CBA and your inability to appreciate changing regulatory flows, you have brought our company into disrepute.”

Ms Medd went onto ask what the board was doing if, as the chairman, Lindsay Maxsted acknowledged in a press conference on 26 November, the board and senior management ‘didn’t have enough focus on operational risk and compliance matters'.

“All directors are on the Risk Committee. Clearly your collective wisdom and judgement was insufficient to discharge your obligations as committee members.”

Thos obligations were, Ms Medd pointed out: "Oversight of risk management; Going beyond what the executives are telling you to looking at emerging risks; Using your worldly experiences to anticipate issues; Appreciating the relationship needed with your regulators and the changing remit of these bodies and yourself as the world globalises apace".

“Were you so arrogant/ unaware or asleep that you did not take prompt action after CBA were fined $700m?" Ms Medd asked.

Ms Medd said the longer serving Westpac directors, those appointed prior to the start of 2018/19 should consider their positions, namely Alison Deans, Craig Dunne and Peter Nash.

“While you are doing that think about the children who have been harmed. And keep thinking about it.“

Women on Boards

Women on Boards has been working since 2006 to address gender inequity in the boardroom and across leadership roles. Women on Boards has been a leading actor in the push to achieve gender balance on boards since 2005; in 2009 setting targets of 40 percent women, 40 percent men and 20 percent either/and or other genders for boards across all sectors.

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THE Australian Small Business and Family Enterprise Ombudsman Kate Carnell said small businesses delivering disability support services will have less red tape to deal with, now the Federal Government has simplified the NDIS provider registration and audit process.

“The Federal Government has heard our concerns about the disproportionate regulatory burden on some small business NDIS providers and implemented our recommendations accordingly,” Ms Carnell said.

“These welcome changes will particularly benefit small businesses delivering lower risk services such as therapies, home modifications and specialist equipment.

“Importantly the simplified registration process will not reduce safeguards for NDIS participants," she said.

“We welcome certification audit requirement changes that will come into effect from 1 January 2020, and be based on the level of risk associated with the services provided to participants, rather than whether or not they are an incorporated provider.

“This is a win for the lion’s share of NDIS providers who are small businesses, especially those in fields such as speech pathology, occupational therapy and assistive therapy," Ms Carnell said.

“We know small and family businesses have been struggling with the time and costs associated with being an NDIS service provider – audit costs to maintain accreditation were a major contributing factor.

“Small providers don’t have dedicated and separate administration teams to comply with government requirements.

“These changes ensure small businesses can get on with doing what they do best – providing vital NDIS services and growing their business.” 

www.asbfeo.gov.au

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THE Queensland Resources Council (QRC) has welcomed the Australian Government’s announcement of Major Project Status for the Multicom Resources Limited Saint Elmo Vanadium project near Julia Creek.

QRC chief executive Ian Macfarlane said the granting of this status was an important next step to creating new mining jobs in North Queensland.

“Queensland has a leading role to play in the development of the critical minerals industry,” Mr Macfarlane said.

“These new critical minerals projects will deliver new jobs in regional Queensland, and will play a strategic role for Australia in terms of defence industries, manufacturing, trade and regional development.

“Vanadium is just one of the critical minerals the Queensland resources industry can mine and process. 

“Queensland has globally-significant reserves of copper, nickel, zinc, graphite, and molybdenum and major deposits of cobalt, rhenium, scandium, tantalum, niobium and lithium.

“Our resources industry is primed to deliver regional investment and jobs for decades to come.  Investments in new critical minerals projects will add to the coal, gas, bauxite and zinc industries which already underpin the Queensland economy.

“In the last year, the resources sector contributed $74.3 billion to the state’s economy and supported more than 372,000 jobs," Mr Macfarlane said.

“It’s important that Queensland has the right policies in place to attract the investment to translate our opportunities in critical minerals into a reality.

“Granting Major Project Status sends an important message to global investors, and QRC has also welcomed the Queensland Government’s $13.8 million five-year package to encourage new discoveries of critical minerals to attract more overseas investment.

“QRC is calling for continued bipartisan support for policies that support the resources sector and help create jobs.”

www.qrc.org.au

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AS PART of a Federal Parliament inquiry into economic engagement with Traditional Owners, Members of Parliament are travelling to Darwin, Katherine and Alice Springs.

The Northern Australia Committee is holding public hearings in the Northern Territory this week, and will hear evidence from Land Councils, Native Title holders, Indigenous business leaders, local councils and other stakeholders.

Committee chair Warren Entsch said  that Indigenous Australians represent a major social, cultural and economic asset.

"Traditional Owners are major landholders in Northern Australia. How we tap into that land resource is the key to promoting the economic development of Indigenous communities and the development of Northern Australia," Mr Entsch said.

In its submission, the Northern Territory Government noted, "Approximately 30 percent of the NT’s population is Aboriginal" and that "Aboriginal Territorians own or have rights and interests in a substantial portion of the Territory’s land mass and a large majority of its coastline. This made ‘Aboriginal Territorians key drivers and partners in the NT’s economic future".

The Central Land Council emphasises that Aboriginal people were not lacking enterprise or endeavour, but "need to be supported and resourced to engage with the mainstream economy and capitalise on their significant social, cultural and land assets". Critically, it noted that "this support must align with people's aspirations and cultural traditions and practices".

The committee will hold public hearings in Darwin, Katherine and Alice Springs. Programs are available on the committee’s website.

Public hearing details

Date: Tuesday, 10 December 2019
Time: 9am to 3pm
Location: Ballroom B, Hilton Hotel, Mitchell St, Darwin

Witnesses include:

Northern Territory Government
Northern Land Council
Larrakia Nation Aboriginal Corporation
Yingiya Mark Guyula MLA
NAILSMA
Northern Territory Indigenous Business Network
Aboriginal Investment Group
Mr Kevin Stephens
Arafura Resources Limited

Date: Wednesday, 11 December 2019
Time: 9:30am to 1:15pm
Location: Roper Gulf Regional Council, Crawford St, Katherine

Witnesses include:

Jawoyn Association Aboriginal Corporation
Savanna Solutions
NT Cattlemen’s Association
Roper Gulf Regional Council
Centrefarm/ALSEDA
NARMCO

Date: Thursday, 12 December 2019
Time: 10:30am to 3pm
Location: Ballroom C, DoubleTree by Hilton, Barrett Dr, Alice Springs

Witnesses include:

Central Land Council
Aboriginal Carbon Foundation
Central Desert Regional Council
MacDonnell Regional Council
Mr Dennis Kunoth

The hearings will be broadcast live at aph.gov.au/live.

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