Josh Frydenberg to hold court at Kooyong
The countdown is on to the biggest event to grace the exclusive Kooyong Lawn Tennis Club so far this year.
No, not the annual Kooyong Classic — Dan Andrews’COVID-19 restrictions ruled that out for January — but rather an appearance from the grounds’ beloved former club champ Josh Frydenberg, though we will all be spared the sweat bands and tennis kit this time around.
The Treasurer, referred to by some as our very own “Fruckerberg”, is set to grace the stage at the “spiritual home of tennis” on Friday evening to address Melbourne chapters of the secretive Young Presidents’ Organisation, or YPO to those in the know.
Hosted by “co-learning officers” rich-lister David Smorgonand former Godfrey’s boss Tommy Krulis, there are sure to be plenty of the city’s heavy-hitters jostling for an invite and not just for the in-person canapes and drinks.
“A member-only event, we look forward to you joining us as we discuss with Josh current issues facing Australia, political, economic, business and perhaps the more obvious issues around COVID-19 and Facebook,” the invite reads, accompanied by a picture of a headline including the “Gen X Treasurer” from the Herald Sun.
All that and an opportunity to ask questions of the local Kooyong member, though Chatham House rules do apply.
Australian members of the global YPO community of 30,000 “extraordinary chief executives” include Swisse Vitamins founder Radek Sali, Bailey Nelson co-founder Nick Perry, as well as Scentre Group director Guy Russo.
While Fruckerberg’s one-to-love score against the tech giants is sure to be a key focus, as talk of an election year ramps up, sexual assault allegations continue to be exposed and, with state premiers at each other’s throats, he will no doubt be ready on the defence.
Crown board games
And just like that, there were four left on Helen Coonan’s Crown Resorts board, or only three if you note the outgoing John Horvath.
That makes diversity in the casino group’s various board committees virtually non-existent but should make it a little easier to come to consensus for any new board hires.
The departure of Perth-based John Poyntonon Monday takes the tally of director casualties from Patricia Bergin’s final report to five in just the past month — following Harold Mitchell last week and Ken Barton, Andrew Demetriou, Michael Johnston and Guy Jalland in the immediate aftermath of the NSW inquiry’s findings.
But there was one new entrant on Monday — new chief compliance and financial crimes officer Steven Blackburn, formerly of NAB’s money-laundering reporting division, surviving day one.
At least recruiters Korn Ferry, led in Australia by managing director Tim Nelson and Star Entertainment director Katie Lahey as chairman, will be cashing in, said to have snagged the contracts for the recruitment of all replacement directors — the number of which is yet to be confirmed.
Board size is likely to be a matter for the People, Remuneration and Nomination Committee, though that too is looking rather slim at present.
Just Horvath and Toni Korsanos make up the committee now, but Crown says all existing board members must approve of any proposed appointment, such as the imminent arrival of former Sky City boss Nigel Morrison.
The most unscathed from the report, Korsanos has scored somewhat of a promotion by virtue of being one of the last few standing.
In addition to her role as chair of the Audit and Governance Committee, she also partakes in four of the five other committees, which entitles her to an additional $15,000 per committee per year.
It is any wonder she’s bowed out of her board role at Webjet, announcing to the market on Monday that she had resigned to meet “other work commitments”.
The committees of the board have also been rejigged in light of the recent board overhaul — Coonan having away with the Corporate Responsibility Committee and Occupational Health and Safety Committee and instead a single Safety and Sustainability Committee, of which Horvath is the chair and only member.
To a similar end, Poynton’s departure leaves only Maryna Fewster as director of the Perth casino, in addition to her role as head of Seven West Media’s West Australian operations.
With international borders closed for the foreseeable future, and after the findings from the first report, we’d hazard a guess the recruiters will be casting the nets wide to fill each vacancy.
Pining for Pyne
While one federal Defence Minister takes a break, her immediate predecessor Christopher Pyne isn’t showing any signs of slowing down.
The former Liberal minister for Sturt has been busy picking up lobbying contracts for several defence groups through his latest venture, Pyne and Partners, based out of his home town of Adelaide.
And if company releases are anything to go by, he’s certainly talking a big game — his latest signing, additive manufacturing outfit Titomic, heralding the deal as market-sensitive: “Pyne & Partners are experienced navigators of the complexities of policy and politics,” the $87m group told the ASX.
“They are focused on helping clients manage risk, pursue business opportunities and ultimately achieve their strategic objectives. Christopher Pyne has valuable experience which is important in the government sector.”
The market, it seems, wasn’t quite as enthused by the deal, with shares falling 7 per cent by the close on Monday.
Titomic isn’t the only ASX fledgling to garner Pyne’s attention — he and former chief of staff Adam Howard have also scored carbon fibre component manufacturer Quickstep as well as counter-drone gun maker DroneShield.
All that while Pyne continues to flog season two of his “Pyne Time” podcast with guests the likes of Sarah Hanson-Young or Wyatt Roy discussing the etiquette of wearing thongs.
How very 2021.
Cathy bolts
After eight years spinning for Wesfarmers, former journalist Cathy Bolt has retired from the retail juggernaut, saying simply that it was time.
A West Australian through and through, Bolt’s tenure as external affairs manager at the now Rob Scott-led group is second only to that spent writing for Nine’s Australian Financial Review.
Hired under the reign of Richard Goyder, Bolt oversaw comms for the group’s centenary, the spin-off of Coles and several rounds of underpayments at the group’s Coles, Kmart and Target stores.
Hiring of her replacement is to begin in the coming months.
More Coverage
A creative flip-flop over terrorist imagery and arts grants
What faith would anyone hold in the leadership of Creative Australia when it flip-flops with such alacrity over a political crisis of its own making?
Artist who featured Hezbollah leader dropped as Australia’s pick for Venice jaunt
It looks like Margin Call’s deep dive into the questionable early oeuvre of Sydney artist Khaled Sabsabi has ended his selection as Australia’s pick for the Venice Biennale in 2026.