Lies and rejection: shambolic PolyNovo schooled on work manners

David Williams has undergone an independent investigation into allegations of bullying. Picture: Ian Currie

Not a peep, not even a squeak, from the shambolic board of PolyNovo on Wednesday after we revealed its chair, David Williams, was the subject of an independent probe into the alleged bullying of company executives, including CEO Swami Raote and CFO Jan Gielen.

So alarmed were PolyNovo officials by the allegations levelled at Williams that they ­engaged barristers Philip Crutchfield KC and Katherine Brazenor to interview staff and provide recommendations to the board. The advice was that ­Williams ought to step aside as chair, which the board accepted, although Williams remains in place, still running the shop as though none of this has happened.

Appointing a replacement has proved tricky for PolyNovo, and we’ll explain why in a minute, but while-ever Williams remains, and while-ever he’s free to spin ridiculous, highly misleading statements – as he did to us – then any utterance emanating from this billion-dollar biotech may be second guessed for its credibility.

Responding to our questions on Tuesday, Williams tried to shut down this story with the false assertion that “there was no investigation” conducted into him or ordered by the PolyNovo board, a claim that he confidently put on record and which we just as confidently published. He said this even though we were in receipt of incontrovertible evidence proving him wrong.

PolyNovo did not issue a market statement on Wednesday backing in the remarks of its chair, or pouring a bucket of cold water onto our report, because it knows our reporting is factual – and the company is thoroughly aware of just how distracting and dysfunctional this leadership crisis has become.

PolyNovo CEO Swami Raote.

Philip Crutchfield KC.

In fact, it became so freaking bad that we can reveal PolyNovo engaged workplace law firm Kingston Reid and its managing partner, Alice DeBoos, to come in and provide remedial training to the board on appropriate workplace behaviour.

You can imagine DeBoos standing there, begging Williams to stop joking around all the time, or referring to a certain PolyNovo executive as “Ahmed the Terrorist”, which he did in front of a bunch of company officials during a board and management dinner in October, after the AGM.

But it was all good, Williams told us, because they’re mates and he got Ahmed the job at PolyNovo in the first place. Public humiliation is apparently indemnified under the Mates Act.

We can also reveal strict protocols were introduced at PolyNovo late last year to limit the interactions between directors and company management, presumably because the chair and the CEO can barely look at each other.

Lindsay Maxsted

Alice DeBoos

Moreover, it was UBS Australasia chair Lindsay Maxsted who was engaged by the board to enlighten the directors to these ­basics of corporate governance. Maxsted, we’ve learned, was also propositioned by PolyNovo directors to take the chair job from Williams, an offer the former Westpac and Transurban chair declined. Executive search firm Spencer Stuart has been retained to try to find someone else to do it.

All of which suggests Williams’ tenure might be coming to a conclusion, even though we’re learning of disturbing developments being floated that may just keep him in place.

Which would be a remarkable turn given the recommendations by the independent barristers, and the board’s attempts to replace him with Maxsted – and his brazen, on-record claims there was “no investigation” conducted.

This isn’t some Mongolian gas explorer about to go broke in a week. And if he’s so cavalier about the facts with us, shareholders might rightly wonder whether he’d ever smear the truth with them, too.

A “no” to regret

Businessman and venture capitalist Ron Finkel – brother of former chief scientist Alan Finkel – has learned the hard way not to gleefully put his name to obnoxious petitions.

There was Finkel, listed prominently in a full-page advertisement published in newspapers last week under the headline: “Jewish Australians say NO to ethnic cleansing.” The finer print specified what they were saying NO to: Donald Trump’s call for the removal of Palestinians from Gaza.

Enough readers interpreted the ad as a condemnation not so much of the Donald but of Israel, which landed very awkwardly for Finkel.

He’s the president and founder of Hadassah Australia, an organisation that fundraises for Israeli medical initiatives, and which is backed by Israel-supporting benefactors.

Businessman Ron Finkel.

They include billionaires John Gandel, Zac Fried and Morry Fraid through their charitable foundations, members of the Smorgon family, tech investor Josh Liberman and even UNSW chancellor and governor-general aspirant David Gonski, although who knows what he really thinks. Sam Mostyn beat him to the job, of course, but those vice-regal ambitions are suspected of having motivated Gonski to keep his powder dry on saying anything about Israel and anti-Semitism.

But anyway, Finkel now deeply regrets the grave mistake of signing the petition, which he did in a personal capacity, without consulting Hadassah officials, and as a result he’s bringing forward his retirement and standing down as the organisation’s president.

“At the time of agreeing to be a signatory, Ron did not envisage that the text would in any way be interpreted as a condemnation of Israel, a country which he loves deeply,” said a letter from newly appointed president Lynda Brest.

“Ron now recognises that being a signatory to the statement was a major error of judgment that has caused unintended anguish for many, and he is deeply sorry for any distress he has caused.”

No change, however, to Finkel’s ongoing position as chair of Project Rozana, a Palestinian-­Israeli health initiative, which happened to receive $4m in funding from the Albanese government this week.