‘Death knell of the Australia Club’: HESTA CEO Debby Blakey takes swipe at leaders

Former PMs Malcolm Turnbull (left) and John Howard are seen at the Australia Club. Pictures: Jane Dempster, Supplied

HESTA chief Debby Blakey has added her voice to the growing chorus against The Australia Club, lashing the Sydney gentleman’s club online for its vote against allowing women to join, and drawing parallels to diversity in executive leadership.

In a note on LinkedIn titled, “The death knell of the Australia Club”, she alluded to former prime ministers, though not explicitly mentioning the likes of John Howard or Malcolm Turnbull, saying: “leaders should carefully consider what their ongoing membership of a club that enshrines discrimination in its operations signals to the community”.

HESTA CEO Debby Blakey. Picture: File

No beating around the bush there.

But she also put the pressure on those in favour of allowing women, saying they should follow the likes of John Hewson or Geoff Cousins and vote with their feet.

“We watch with interest to see what the 37pc who voted in favour of women joining do next. Surely, the honourable thing may be to resign their membership?”

The post has so far garnered support from plenty in the super sphere, including Club Plus Super chief Stefan Strano, and her fellow boardmate at HESTA Klaus Zimmermann.

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Generous deal for Boral chief

How’s this for a rejig to your employment contract – a 12-month non-termination clause and guaranteed vesting of your long-term incentives even if you leave after that.

All that just a year into your tenure.

Such is the case for Boral’s top builder Zlatko Todorcevski, who alongside the company’s announcement of the sale of its US building products arm on Monday, also got some rather lucrative terms written into his contract.

The Kathryn Fagg-led board signed off on the new terms for the 53-year-old’s employment arrangement just a week out from his first anniversary in the role, holding off on any changes to his $1.9m fixed salary but making it contractually impossible for him to follow the same fate as predecessor Mike Kane, at least for the next year.

Boral chief executive Zlatko Todorcevski. Picture: Jane Dempster

The amendments include that the board will not turf him out without cause before his second anniversary, and further, that his lucrative bundle of up to $4.37m in long-term incentives will remain on foot till their final vesting date of July 1, 2023, even if he does leave the company before that date.

All is not entirely set in stone, however, with performance hurdles related to the company’s return on funds employed and total shareholder return still applicable, although the latter will likely be buoyed with its latest spate of capital returns – at last estimate the group had bought back $388m worth of stock.

Illustration: Rod Clement

Not a bad line-up, especially considering Todorcevski effectively came out of retirement to lead the group’s transformation, instead of accumulating a handful of directorships post his time heading Brambles.

CFO Tino La Spina, the former Qantas International head who joined after a management restructure mid-pandemic, gets the same treatment in his contract, the nuts and bolts of which will be revealed in the group’s next annual report due in September. With Seven’s Kerry and Ryan Stokes nipping at their heels and hefty projections set out by management to fend them off, the two have quite the ride in store.

Boral’s Tino La Spina, formerly of Qantas International. Picture: AAP

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Bowral blocked

At least Todorcevski’s corporate pursuits are faring better than his Bowral property development plans – which remain on ice with the Wingecarribee Shire Council.

Back in 2018, the Boral chief, wife and fellow Roosters fan Maruza and brother Robert drew up plans for a $15m four-storey redevelopment of the old Boral garage site in the town centre.

The vision including building above the old Bowral Spare Parts facade with 16 apartments and a basement carpark, a 100-capacity cafe and restaurant, several retail tenancies and a rooftop terrace on the busy Bong Bong Street.

The Todorcevski development site in Bowral, NSW.

Three years on and the trio, operating as Bowral Garage Development, are still no closer to turning the first sod on the site they bought for $2.6m in 2017.

Earlier this year their appeal was rejected by commissioner Joanne Gray in the Land and Environment Court, reaffirming that the group’s parking plan wouldn’t cut the mustard.

All those Range Rovers have to go somewhere after all.

So it’s back to the drawing board in town, but at least there is the couple’s five-bed home with four-car garage and expansive property on the fringes of Bowral on which to test Boral’s building supplies.

Amid the pandemic he added a timber clad shed to the homestead, adding to his swimming pool, tennis court and gym.

If the development doesn’t work out he could always add a concrete pit.

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Daley’s move

EY’s strategy arm Port Jackson Partners is continuing to bolster its ranks, with founding head of the Grattan Institute John Daley the latest to join the firm.

Daley, who continues to be heavily quoted on public policy matters despite leaving the think tank over a year ago, will be minted as a partner with the Byron Pirola-led firm from August, capping a big few weeks for the professor.

Professor John Daley is moving to EY. Picture: David Geraghty.

Earlier this month the 54-year-old, who also counts himself as an amateur pianist and gardener, was anointed as a member of the Order of Australia for his significant service to public policy development and to the community.

No mention there of his gardening efforts, though his aptitude at growing oversized zucchinis has been a point of pride for Daley in previous public speeches.

The move adds the South Yarra-based consultant, who also keeps a property with wife Rebecca Coates in Victoria’s Macedon Ranges, to an impressive list of alumni for the now-EY owned advisory, including the likes of the ACCC’s Rod Sims and Energy Minister Angus Taylor.

Whether he’ll follow their footsteps into the public sector remains to be seen.

In its first year under the EY banner and soon-to-commence Oceania head David Larocca, the consultancy has also added former Victorian public servant Kym Peake as partner, along with ex-PwC consultant Chris Paxton.

Zlatko Todorcevski

John Daley

Debby Blakey