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WAYNE Reid has observed a seismic shift in the Australian corporate landscape since he came home from his jetset merchant banking existence in London and Monaco two years ago.

The one-time Lawn Tennis Association of Australia and Melbourne Football Club president is surprised by the changes that occurred in his 20-year absence.
Instead of coming home to find himself in a financial backwater, Reid sees Australian business these days as far more professional.

Before leaving Australia, Wayne Vivian Reid was actively involved in 35 different organisations and served on the separate boards of 12 public companies.



Reid, who is now 68 and keeps fit playing in a weekend pennant competition, has not come home to hang up his suit and help entertain his two daughters.


These days Wayne Reid's business interests have switched to gold, where he currently heads a $5 million capital raising by Melbourne-based Queensland Gold and Minerals.

As executive chairman he represents the interests of London broker Angus and Ross which has tipped $1.5 million into the venture to take the company to the next stage and eventually get it listed.

Since getting involved and back into corporate harness 18 months ago, Reid has travelled the length and breadth of Queensland and to far eastern Victoria to inspect QG&M's nine prospects.



A&R put in about $1.5 million cash, took a 50 per cent interest, and appointed Reid, who the firm had known during his years in London.

Reid argues that his background in merchant banking and the experience he got in a family quarrying business in his youth will stand in good stead as the project moves forward.

"I was brought up in the quarry business, making roads and walking around in mud," he responds.

"At that time, we had over 25 per cent of Victorian readymix concrete business, about the same percentage of the asphalt market, and it was much the same with quarrying."

GH Reid Quarries was started by Reid's grandfather and grew to include Blue Metal Quarries and Victorian Quarries.

When QG&M eventually lists A&R will sell down to 25 per cent, while the remaining shareholders will have their shares escrowed for two years.

The gold venture is Reid's sole public company interest and occupies about 60 per cent of his time at present.

The situation is a far cry from the heady days of the late 1970s, when he had competing commitments and when directors had far less responsibility.

These days it is near impossible for any one individual to accept any more than three directorships, he says, adding that a cultural shift over the last few years has also meant that board postings seldom result from friendships.

"It used to be that someone knew someone who was aware of your experience," Reid adds.

He notes that sad aspect of this corporate cultural change has been the readiness these days to doubt someone's word. "I went to Wesley (College) and in the years that I was there, if you told a lie you would be ostracised entirely. In those days, when you spoke to a share broker the instruction was always verbal.

"Everything has changed. I don't think that your word is treated any longer as your bond."

With German-born wife Annette, the family has settled well in an inner suburb and for Reid life has turned full circle to where he was more than 20 years ago when he left Australia.

At the time he was director of businesses that included Nabisco; Kiwi International; Nicholas pharmaceuticals; Collins St fashion house Georges, Adriatic Insurance, an airline, plus a string of retail groups.

He was honoured then with an Order of the British Empire for his services to sport and the community.



......."After that I went to the Maldive Islands where I had four resorts," Reid tells.

"Then I went to England where I became a director of the investment bank Jarden Morgan which operated from London and Monaco.

"Yes, it was quite an experience," Reid admits.

And what next?

He responds that Queensland Gold and Minerals will occupy much of his time for the moment.

"There is no way we can mine all the properties at once. And, as we prove up the properties, I think there will be more joint ventures and quite a job for me in the process."


Full article here
http://www.news.com.au/heraldsun/story/0,21985,20655643-664,00.html