Secretary misses big day at QBE

Illustration: Rod Clement.

A big fortnight looms for QBE chief executive John Neal, as his insurer holds its annual general meeting on May 3, aptly only two days before Secretary’s Day.

The meeting in Sydney’s Westin will allow shareholders to ask QBE’s American-based chairman Marty Becker about the board’s decision to dock Neal’s pay by $550,000 over the tardy disclosure of the CEO’s ­relationship with his personal ­assistant.

It was an eyebrow-raising precedent in corporate Australia that, we understand, precipitated a few awkward CEO-to-chairman discussions around the country.

John Neal CEO of QBE. Picture: Renee Nowytarger.

Neal’s partner has since left QBE of her own accord, as was foreshadowed in this column.

The timing of her departure seems a bit rough. If she had only made it till May 5, she was surely in line for a nice gift on Secretary’s Day — or administrative professional day in progressive circles — which in Australia falls on the first Friday of May.

Don’t say you weren’t warned.

Also on the minds of curious shareholders at the AGM is the status of QBE’s legal negotiations with sacked group chief operating officer Colin Fagen, who left the group in early February despite his erstwhile rapid upward trajectory at the company.

After his abrupt departure, Fagen engaged scarlet legal firm Harmers. We understand the hardball negotiations continue, along with rumours about a dossier in Fagen’s possession of ­interesting information concerning QBE executives.

Chairman Becker is standing for re-election at the AGM, which should provide a measure of shareholder support for his seminal approach to office hanky panky.

Also up for election are new board appointments Mike Wilkins, who was previously the chief executive of rival insurer IAG, and the Canadian-based Kathy Lisson, who was previously a partner at accountancy Ernst & Young.

Margaret Leung aat the QBE annual general meeting.

Not up for election is the Hong Kong-based Margaret Leung, whose four-year stint on the QBE board came to an end three weeks ago.

Back at the 2014 AGM, 32 per cent of QBE shareholders voted against Leung, reportedly because of unhappiness about her varied board commitments in Asia. At least she’s one spotfire Becker won’t have to deal with at the Westin.

And what about industry chatter that the chairman might outline succession plans for life after Neal, perhaps involving his ambitious executive Patrick Regan? Find out soon.

Musical chairs

Pity the person in charge of seating arrangements at the Menzies Research Centre’s upcoming 75th anniversary of Robert Menzies’ “Forgotten People” address.

Considering the Liberals’ internal dynamics, the gala dinner at Old Parliament House on May 22 looks highly combustible.

Former PM John Howard is down as a special guest, along with Menzies’ daughter Heather Henderson, so perhaps the youngsters will behave in front of them.

But the third special guest, Alan Jones, who is representing one of the night’s sponsors, Macquarie Radio, should all but secure the presence of the station’s new broadcasting talent, Tony Abbott.

Prime Minister Malcolm Turnbull has been attempting to wrap himself in the Menzies legacy so — diary permitting — he’s likely to be there for the recreation by a (for now) secret actor (Hugh Jackman? John Bell? Alf Stewart from Home and Away?) of Menzies’ speech at 9.15pm, 75 years to the minute after Sir Bob’s historic broadcast.

Menzies

Tom Harley (right) with Julie Bishop and her partner David Panton.

Research Centre executive director Nick Cater wouldn’t miss it for the world.

But what about Tom Harley, whose 13-year reign as Menzies chairman came to an end in opaque circumstances a fortnight ago at his nemesis federal president Richard Alston’s Liberal executive?

Don’t be surprised if business overseas results in Harley sending his apologies. At least that would take some gunpowder out of the seating arrangements.

And what of Harley’s replacement as chair of the Liberals think tank? For now there isn’t one.

As with the soon to be vacated Liberal federal directorship and Liberal federal presidency, the search continues.

Capital idea

The Canberra offensive continues at the Business Council of Australia under the reign of president Grant King, formerly the long-serving boss of gas producer Origin.

Tanya Plibersek with Grant King at the BCA breakfast last month.

Under King’s predecessor Catherine Livingstone — now the CBA chair — relations became strained with some of the more sensitive souls in the Liberal Party.

Victorian president Michael Kroger was particularly outspoken. The Sky News personality Kroger wasn’t without his supporters in ministerial blue carpet, some of whom also believed that the business community was not doing enough to support the government’s business-focused agenda.

To make sure that doesn’t happen again, the business lobby has established an office by Capital Hill. Jenny Clark, a former staffer to treasurer Joe Hockey, has opened up a BCA outpost in PwC’s Canberra digs.

Joining Clark’s new BCA government relations team is Phil Hudson, who was previously this masthead’s Canberra bureau chief.

At chief executive Jennifer Westacott’s BCA, Hudson reunites with former Oz journos Christine Jackman and Jared Owens. The Oz’s reverse takeover of the big business lobby continues.

Cowbell tolls

For hard rockers Blue Oyster Cult, the call might have been “more cowbell”. But for corporate watchdog Greg Medcraft and his ASIC minions, the request is “more gatekeeper”.

Greg Medcraft addresses the ASIC annual form last month. Picture: Britta Campion.

A flood of documents ASIC has released to this organ’s Ben Butler under Freedom of Information show eerie parallels between the Cult, as portrayed in a legendary Saturday Night Live skit, and the corporate regulator during the reign of the Chinese tea-drinking former investment banker.

In the SNL bit, the Cult are recording their biggest hit, Don’t Fear The Reaper, amid increasing demands from producer Bruce Dickinson (played by Christopher Walken) for “more cowbell”.

At ASIC in 2011, as a press release involving notorious Commonwealth Bank financial planner “Dodgy” Don Nguyen was being cooked up, a similar cry went up.

“I have included a quote from the chairman which I feel is very chairmanesque but you may be inclined to insert some ‘gatekeeper’ references,” one enforcement functionary told the media unit.

And as Medcraft is our witness, a reference to naughty “licensed entities offering financial services” was quickly supplemented with the statement that “ASIC will hold gatekeepers to account”.

Sadly, the regulatory cowbell didn’t exactly ring across all at this gatekeeper. ASIC was back on the case three years later, imposing new licence conditions on CBA’s financial planning businesses.